Corpus Sireo Real Estate has sold a cluster of assets from the Stella portfolio that the company's parent Swiss Life Asset Managers acquired from Deka Immobilien for €350 mln in 2015.
An unnamed international investor has acquired 12 of the assets, dubbed the Spirit portfolio, for an undisclosed sum.
The transferred portfolio comprises roughly 105,000 m2 of rentable space, which is distributed over 12 properties in Germany. The portfolio is predominantly office space, but it also includes a hotel. Corpus Sireo will continue to manage the assets for the new owner,
The Spirit assets are core+ and value-add properties located in A, B and C cities in Germany. After taking over the properties in spring 2016, Corpus Sireo Real Estate implemented numerous measures focused on value creation, for example, extending existing or concluding new leases for more than 40,000 m2.
Swiss Life acquired the full Stella portfolio from Deka in December 2015. At the time, the transaction was one of the largest deals on the German investment market for the period in question.
Commenting on the Spirit sale, Corpus Sireo's Benjamin Koch said, 'In our 16-month holding period, we worked extremely hard on the properties and we are delighted at how much we have managed to do in this time. Our operational team is now working on behalf of the new owner with the same high level of motivation. We look forward to demonstrating our ability to meet the owner's strategic aims for the portfolio.'
