Corpus Sireo buys Treureal's asset management unit

Cologne-based Corpus Sireo has boosted its residential business with the takeover of the asset management unit of Treureal Group in Mannheim. Financial details were not disclosed.

The transaction includes mandates in the receivership and distressed portfolio segment, as well as Treureal's Corporate Advisory business.

The deal brings the number of units under management in Corpus Sireo's residential division to more than 40,000. Corpus Sireo claims to be the biggest asset manager in Germany with assets under management valued at more than €16.2 bn covering a surface area of 14.9 million m2 in commercial and residential property space.

Ingo Hartlief, CEO of the Corpus Sireo Asset Management unit, said the residential business represents an interesting growth sector for the company. 'The relevant market structures are still emerging at this time. So this is the environment where we intend to keep expanding our competence, client base, and market coverage, and to play an active role.'

Florian van Riesenbeck MRICS, managing director of Treureal Asset Management, will continue to be responsible for the mandates transferred to Corpus Sireo and expand the new line of business in his role as incoming head of asset management. In recent years Treureal was responsible for the repositioning of around 13,000 residential units of the bankrupt Level One Group, some of which were sold afterwards to an institutional investor.

Corpus Sireo became active in preparing, restructuring and marketing heterogeneous housing portfolios in 2004, when the company, together with Morgan Stanley, acquired around 48,000 apartments from Thyssen Krupp. These were subsequently processed in a value-add approach and sold to a French fund company in 2006. In spring 2012, US investment firm Cerberus commissioned Corpus Sireo to take over the asset management mandate for 22,500 residential and commercial units previously handled by the now bankrupt Speymill Deutsche Immobilien Company.

Corpus Sireo has 560 staff at 11 locations in Germany and Luxembourg.