Swiss Life Asset Managers have acquired the ‘Stella’ commercial portfolio of DEKA Investments via its German real estate subsidiary CORPUS SIREO in one of the largest German real estate transactions in 2015. The purchase price is €370m and ownership will be transferred in Q1 2016.
The portfolio comprises 26 office properties which are located in Berlin, Düsseldorf, Frankfurt am Main, Hamburg and Munich as well as secondary cities such as Dresden, Bonn or Hanover. The total rental area of the buildings is approx. 221,000m², including 178,000m² office space. The portfolio vacancy level is approx. 11%.
The properties will predominantly be included in existing fund structures of Swiss Life Asset Managers. Part of the portfolio, consisting of properties requiring management, will be offered to international investors for co-investment. These properties will be repositioned with plans to sell them on at a later stage. CORPUS SIREO will also be responsible for the management of the properties.
Stefan Mächler, group chief investment officer of Swiss Life commented: "The acquisition of the portfolio underlines our long-term growth strategy and enables us to offer our customers access to attractive and broadly diversified real estate fund solutions."
Ingo Hartlief, chief operative officer (COO), CORPUS SIREO Holding GmbH said: "The acquisition and management of complex commercial real estate portfolios is one of our core competences. As a result of our broad positioning with teams of experts at the main German locations, CORPUS SIREO is able to take advantage of investment opportunities at an early stage and to secure attractive real estate holdings in the long term for our customers",
Roy Brümmer, managing director and head of acquisitions, CORPUS SIREO Asset Management Commercial, added: "We have secured the portfolio in a fiercely competitive market and have thus been able this year to acquire not only many individual properties but also a major commercial real estate portfolio for our investors. Our task is now to integrate the properties in our fund structures and investment vehicles and to manage them for investors with the long-term aim of optimising value".
Swiss Life acquired CORPUS SIREO in August 2014, expanding its position in real estate asset management. Find out more about CORPUS SIREO’s future plans and strategy in our thought leader interview with COO, Ingo Hartlief.
