Swiss Life is acquiring CORPUS SIREO and becoming a leading real estate asset manager in Germany. The Swiss Life Group is expanding its position in real estate asset management by acquiring CORPUS SIREO, the leading independent real estate service provider in Germany, with retroactive effect from 1 January 2014.
The sellers of the company are three German savings banks: Sparkasse KölnBonn (50%), Stadtsparkasse Düsseldorf (25%) and Frankfurter Sparkasse (25%). This makes Swiss Life a leading real estate asset manager in Germany. The purchase price is €210 million. Pending approval by the competition authorities, the transaction will be completed in the course of the second half of 2014.
"This acquisition is an important step to extending our position as a leading provider in one of our core strategic areas, real estate asset management, from Switzerland and France to Germany," says Patrick Frost, CEO of the Swiss Life Group. "Given our more than 150 years of experience in the real estate business and the additional expertise contributed by the 550 employees of CORPUS SIREO, we are confident that we will be able to successfully expand this business area further."
Source: CORPUS SIREO