The three savings banks that jointly own Corpus Sireo – Sparkasse Köln-Bonn (50%), Sparkasse Düsseldorf (25%) and Frankfurter Sparkasse (25%) – are looking for a buyer.
Norbert Minwegen, spokesman for Sparkasse Köln-Bonn, said: “Corpus Sireo has developed from a classic regional business into an international one.”
He explained the business of savings banks was traditionally focused regionally, and that the three owners therefore decided to look for a buyer.
Corpus started off as a regional player in 1995, but the portfolio quickly expanded, first with the exclusive mandate gained in 2001 to manage the properties of Deutsche Telekom.
In 2007, the company merged with Sireo real estate, and today it also has properties in the US.
Currently, Corpus Sireo is managing more than €16bn in real estate assets, almost €2bn of which is for institutional clients.
Minwegen cited the current market environment as another reason to sell Corpus Sireo now.
“There is currently a good market for real estate, and so we reckoned it might also be a good time to sell off shares in a real estate company,” he said.
Three weeks ago, the Sparkassen commissioned Lazard to look into a possible sale, and, so far, the responses have been “very good” – from both national and international parties.
However, Minwegen stressed that none of the current owners was “under any rush to sell”, and that the process of a possible sale had “only just begun”.
“We are testing the waters,” he said.
Just last week, Corpus Sireo closed its Health Care II fund, taking on board six undisclosed German institutional investors.
They provided €150m in equity for the fund, which is to grow to €300m using a debt ratio of 50%.
In a statement, Corpus Sireo said: “So far, the fund has acquired eight care homes, and contracts are due to be signed for a further two homes in the next few weeks.”
The fund is focusing on new-build care homes in Western Germany, and “at least five” different operators have been earmarked for the approximately 30 care homes to be acquired.
The Corpus Sireo Health Care Fund I, which is now fully funded, with a volume of about €430m in 46 care homes, is to date the largest German investor in this asset class.
