Swiss Life’s Corpus Sireo has bought a German retail property asset for a fund backed by Swiss Life Deutschland and a German institutional investor.
The investment manager said it bought Ostsee Park near Rostock from the Metro Group for its RetailCenter Fonds Deutschland vehicle.
The deal, for which financial terms were not disclosed, is the second for the fund.
The 57,000sqm asset is almost fully let.
Swiss Life Deutschland and a German institutional investor this year provided €85m for the fund, which will invest €250m by the end of next year.
The fund has a €450m target volume.
Hans Stuckart, managing director at Corpus Sireo Investment Management, said: “The existing capital commitments have confirmed our positive assessment of the potential of retail centres in Germany.
“We have identified a strong development of this asset class.”
Swiss Life bought Corpus Sireo last year, bringing portfolios managed for Deutsche Bank and Deutsche Telekom under the insurance group’s business.
Corpus Sireo, which owns and manages €16bn in real estate, was sold by three German savings banks, or Sparkassen, for €210m.