Swiss Life's German asset management arm Corpus Sireo has announced the launch of a new retail property fund as well as a number of appointments in its Luxembourg-based division.
Swiss Life's German asset management arm Corpus Sireo has announced the launch of a new retail property fund as well as a number of appointments in its Luxembourg-based division.
The new vehicle, called RetailCenter Fund, plans to invest around €400 mln in German retail centres by the end of 2016. Initial subscribers to the fund include two German institutional investors which have both committed €85 mln to this investment strategy.
Corpus Sireo said it has already purchased an initial property in Eastern Germany, without providing further details.
'With the new ownership structure, Corpus Sireo intends to expand its fund activities,' the company said in a statement.
To this end, the company has appointed Hans Stuckart (43) and Tim Brückner (37) to the management team of Corpus Sireo Investment Management in Luxembourg.
Stuckart, who has been a senior fund manager with the group since 2011, will be responsible for the portfolio and asset management activities of the investment manager as managing director from mid-June onwards. The company currently manages institutional real estate assets of €2.3 bn.
Brückner, until recently client group leader for financial institutions at Corpus Sireo Asset Management Commercial in Heusenstamm, will be responsible for expanding the sales activities of the investment management division and will focus on the development of new investment vehicles.
Pension and insurance group Swiss Life bought Germany's Corpus Sireo last year from three German savings banks: Sparkasse KölnBonn (50%), Stadtsparkasse Düsseldorf (25%) and Frankfurter Sparkasse (25%).
Zurich-based Swiss Life paid €210 mln for Corpus Sireo, a Cologne-headquartered property services provider with €16.5 bn of assets under management and a 560-strong team.
