Swiss Life makes acquisitions in Germany

The Feondor Group, an independent and owner-managed asset manager based in Zug, has sold a portfolio of 1,000 residential and commercial units (totaling around 65,000 sqm) to two real estate funds of Swiss Life Holding on behalf of Anglo-Saxon investors.

According to a statement from Feondor, the properties are located in Hesse and North Rhine-Westphalia, with a focus on the cities of Frankfurt, Offenbach, Cologne and Düsseldorf. The properties are fully leased except for the usual fluctuation-related vacancy rate, it says. The portfolio was managed by Feondor Asset Management over a period of six years.

As asset and investment manager, Feondor also handled the entire sales process for the sellers; the parties agreed not to disclose the purchase price. The sellers were advised on all legal aspects of the transaction by Greenberg Traurig. (bw)