Corpus Sireo sells German SPIRIT portfolio
Corpus Sireo Real Estate, part of the Swiss Life Group, has sold the SPIRIT portfolio to an international investor.
On behalf of the new owner, the investment and asset manager Corpus Sireo Real Estate remains responsible for operational asset management. The transferred portfolio has around 105,000 square meters of rental space spread across a total of twelve commercial properties in Germany. The portfolio mainly comprises office properties and one hotel property.
After taking over the properties in spring 2016, which are located in German A-, B- and C-cities and essentially belong to the core-plus and value-add risk classes, Corpus Sireo Real Estate "implemented numerous value-creation-oriented measures," the statement continues. Since then, for example, existing leases have been extended or new ones concluded for more than 40,000 square meters.
The SPIRIT portfolio is part of the former STELLA portfolio, which Swiss Life acquired from Deka Immobilien in December 2015. The transaction at that time was one of the largest deals of the year on the German investment market.
