Corpus Sireo, the German investment and asset management business of Swiss Life, sold 180,000 m2 of commercial real estate space in 32 divestments on behalf of US financial investor Cerberus during 2016.
Most of the transactions relate to retail properties in B and C cities in Germany. In addition to 19 properties that are let to the Woolworth retail chain, they also include properties such as the Brückenforum with 6,900 m2 of rental space on Kennedyallee in Bonn and an inner-city retail centre with an adjacent medical centre with some 20,500 m2 of rental space on Rundestrasse/Raschplatz in Hanover.
Marcus Veit and Benjamin Schreiber, mandate managers at Corpus Sireo, commented: 'Since 2011, we have been supporting our client Cerberus on an ongoing partnership basis with targeted property sales. In over 150 individual transactions, the goals set out in the business plans were successfully implemented and properties with a total volume of more than half a billion euros were placed on the market very well for Cerberus. Particularly in difficult sub-markets, including B and C locations, we demonstrated our expertise by making use of our ten branches throughout Germany.'
Corpus Sireo said that the company had agreed with Cerberus not to disclose the prices achieved in each deal or the aggregate sales volume.
