Swiss Life AM sells majority stake in Artemis portfolio
Swiss Life Asset Managers has sold a majority stake in the German value-add office portfolio Artemis to Lebanese multi-family office SFO Group in an off-market deal.
SFO and Swiss Life AM will remain co-investment partners throughout the holding period, Swiss Life says. The German subsidiary Corpus Sireo Real Estate will remain local asset manager for the portfolio.
Swiss Life AM acquired the Artemis portfolio from Goldman Sachs in March 2018. It consists of eleven office properties, most of which are located in North Rhine-Westphalia and the Rhine-Main region. The total area amounts to around 108,000 sqm. Through active asset management, a number of value increases have been achieved since the acquisition, the statement said. The focus is now on the further reduction of vacancies and modernization.
For SFO Group, the transaction also marks its entry into the German market. The partnership with Swiss Life Asset Managers is "an important milestone" for the group in expanding its international presence, says Mario Saradar, president and CEO of Saradar Capital Holding, the parent company of SFO Group. (ah)
