Swiss Life acquires Stella portfolio from Deka Investments
Swiss Life Asset Managers has acquired the "Stella" commercial portfolio from Deka Investments through its German real estate subsidiary Corpus Sireo. With a purchase price of 370 million euros, it is the largest German real estate transaction of the year so far.
The portfolio comprises 26 office properties, mainly located in Berlin, Düsseldorf, Frankfurt am Main, Hamburg and Munich, as well as in high-potential cities such as Dresden, Bonn and Hanover. The buildings have a total leasable area of around 221,000 sqm, of which 178,000 sqm is office space. The portfolio has a vacancy rate of around eleven percent. With a few exceptions, the properties are multi-tenant buildings.
15 of the properties come from the open-ended mutual property fund Deka-ImmobilienEuropa, eleven from a special property fund.
Some of the properties will be transferred to existing fund structures of Swiss Life Asset Managers. Another part of the portfolio, consisting of management-intensive properties, will be made available to international investors for investment. After repositioning, these properties will be resold. Corpus Sireo will be responsible for the management of the properties.
Stefan Mächler, Group Chief Investment Officer of Swiss Life, says: "The purchase of this portfolio underlines our long-term growth strategy and allows us to offer our clients access to attractive and broadly diversified real estate fund solutions."
Roy Bruemmer, Managing Director and Head of Acquisitions at Corpus Sireo Asset Management Commercial, says: "We have secured the portfolio in a highly competitive market, enabling us to acquire a larger commercial property portfolio for our investors in addition to the many individual acquisitions this year." (ah)
