Swiss Life Asset Managers has sold “Agora” real estate portfolio, comprising 93 properties, to two investment companies of the Primus Valor group from Mannheim, Germany. The 1,800 rental units, which include 1,500 apartments with a total rental area of approximately 123,000m² and 300 commercial units, are located in Baden-Wuerttemberg, Bavaria, Berlin, Brandenburg, Hessen, Lower Saxony, North Rhine-Westphalia, Rhineland-Palatinate, Saarland, Saxony and Thuringia. The purchase price was not disclosed.
Martin Eberhardt, Managing Director of Corpus Sireo Real Estate, said: «Due to the small units and their distributions over different locations with the considerable total size of the Agora-portfolios, the transaction was very complex for all involved in the process. We are all delighted that the transfer could successfully take place in only four months.»
Gordon Grundler, Founder and Board Director of the purchasing Primus Valor, commented: «The transaction is a classical win-win situation between the seller and us as the purchasers. For more than years, we have been specialized in operating - also partially very small units – in medium and regional centres in Germany, as well as partially optimizing such units by means of renovations, redevelopments and building and expansions.»