Corpus Sireo: Swiss Life subsidiary sells brokerage business
Corpus Sireo, the German real estate services provider belonging to Swiss Life Asset Managers, is selling its real estate brokerage company to Sparkasse KölnBonn, Germany's largest municipal savings bank.
The private customer business of the real estate company is bundled in Corpus Sireo Makler GmbH; Sparkasse KölnBonn will take over the division with around 100 employees with effect from January 1, 2018 - although the German Federal Cartel Office still has to give its approval. The parties have agreed not to disclose the purchase price.
In the Cologne-Bonn area, the real estate brokerage business will be continued by Sparkasse KölnBonn and in the Düsseldorf market in cooperation with Stadtsparkasse Düsseldorf. The Frankfurt branch of Corpus Sireo Makler GmbH will remain with Corpus Sireo Real Estate along with its employees.
Sparkasse KölnBonn had outsourced its real estate brokerage division to what is now Corpus Sireo in 1995, but now it wants to offer the bank-related business of private real estate brokerage in-house again, according to a joint media release from Sparkasse KölnBonn and Corpus Sireo. For its part, the real estate company, part of Swiss Life Asset Managers since 2014, wants to focus even more on its core business in the future. This includes the launch of real estate funds and the asset management of large real estate portfolios.
Corpus Sireo employs around 530 people at eleven locations in Germany and Luxembourg and is an independent business unit of Swiss Life Asset Managers. The company currently manages special funds with a volume of 2.3 billion euros.
