A consortium of pension funds has commissioned Corpus Sireo, the German-based business of Swiss Life Asset Management, to build a portfolio of about €300 mln of German residential properties.
In addition to portfolio development, the mandate also comprises acquisition, asset management and property management for a residential property portfolio to be set up via a Luxembourg limited partnership managed by institutional investment partners.
Over the next three to five years, up to around €300 mln is to be invested in the portfolio, Corpus Sireo said. The portfolio is to be geographically diversified and will consist of both existing buildings and new buildings. Acquisitions will be focused in regional centres and selected A locations.
The company did not disclose the names of the pension funds backing the initiative.
Stefan Korthals, head of asset management national at Corpus Sireo, commented: 'We are delighted to provide this new customer with our experience in managing geographically diversified residential portfolios and our full range of property management services along the value chain.'
Corpus Sireo manages special funds with a current volume of €2.3 bn and operates as a fund and asset manager, investor and project developer in Germany and other European countries. It also acts as a co-investment partner for pan-European real estate investments.
The company employs 530 staff at 11 locations in Germany and Luxembourg, and is an independent business unit of Swiss Life Asset Managers. With companies in Switzerland, France and Germany, Swiss Life Asset Managers managed real estate assets with a total value of more than €67 bn at end-December 2016.
