Swiss Life sells German Agora portfolio
Swiss Life Asset Managers has sold a real estate portfolio comprising 93 properties in eleven German states to Primus Valor.
According to a joint statement by Swiss Life and Primus Valor, the sale is one of the largest German residential portfolio transactions in recent months. The transaction volume is in the three-digit million range, it adds.
The so-called Agora portfolio comprises 1,800 rental units, including 1,500 apartments with a total rental area of 123,000 sqm, as well as 300 commercial units. The properties are located in a total of 35 cities in the German states of Baden-Württemberg, Bavaria, Berlin, Brandenburg, Hesse, Lower Saxony, North Rhine-Westphalia, Rhineland-Palatinate, Saarland, Saxony and Thuringia.
Swiss Life Asset Managers was supported in the sale by its German subsidiary Corpus Sireo Real Estate. Its managing director, Martin Eberhardt, says that the transaction was very complex for all parties involved in the process due to the small scale and dispersion of locations in the considerable overall size of the portfolio. Nevertheless, the transition was completed in four months.
The buyer, Primus Valor, specializes in operating even small-scale units in German upper and middle centers and optimizing them, for example, through renovations or expansions. The Agora portfolio was acquired by two of the Group's fund companies. (ah)
