Corpus Sireo makes 2nd acquisition for new retail park fund

Swiss Life's German asset management arm Corpus Sireo has acquired the Ostsee Park in Lambrechtshagen near Rostock in the second investment for its RetailCenter Fonds Deutschland SICAV-FIS fund.

The vendor is German retail giant Metro Group's real estate subsidiary, Metro Properties.

The parties agreed not to disclose the purchase price.

The Ostsee Park is an almost fully-let retail park in a peripheral location. It comprises 57,000 m2 of total rental area with anchor tenants including Real, Media Markt, C&A, Rossmann and Roller. MEC Metro-ECE Centermanagement is responsible for property management.

Corpus Sireo's RetailCenter Fonds made its first investment this summer with the purchase of an asset in Eastern Germany. The vehicle aims to reach a target of €250 mln by the end of 2016, with a final target volume of €450 mln.

Investors in the fund include Swiss Life and another institutional investor.