Swiss Life buys German office portfolio
Swiss Life is investing in a portfolio of eleven office properties throughout Germany. The German subsidiary Corpus Sireo Real Estate acquired the properties for Swiss Life in an off-market transaction.
The properties are spread across the cities of Hanover, Essen, Düsseldorf, Neuss, Cologne, Mannheim, Oberursel, Neu-Isenburg and Frankfurt, with two properties each in Düsseldorf and Neu-Isenburg in the portfolio. The total space amounts to 108,000 sqm, of which around 98,200 sqm is for office use. Warehouses and residential properties account for a small proportion of the space. According to Corpus Sireo, the current vacancy rate for the entire portfolio is around 20 percent.
The seller is reportedly an international investor. The name and purchase price were not disclosed.
"We are delighted that one of our first portfolio acquisitions this year is such a significant share deal. In a very competitive real estate market, off-market transactions are very rare," says Bernhard Berg, CEO of Corpus Sireo Real Estate. According to Corpus Sireo, the company will manage the portfolio and leverage value creation potential for the new owner. To this end, it will be responsible for commercial and technical asset management, letting, construction project management and transaction management.
