Corpus Sireo wins Treveria asset management mandate

Corpus Sireo is taking on an extensive asset management mandate for the Treveria Silo E commercial real estate portfolio on behalf of receiver Ottmar Hermann and in coordination with special servicer Hatfield Philips.

Corpus Sireo will sub-contract retail specialist Acrest Property Group in Berlin to handle the letting and repositioning of the retail properties. The portfolio, lately managed by Treveria Asset Management, includes 150 properties with a gross lettable area of 245,000 m2, most of which is used as retail area.

The properties are spread across Germany, and are predominantly located in high-street locations. Main clusters of the portfolio are found in North Rhine-Westphalia, Berlin and Lower Saxony (greater Bremen area). The share of retail in the overall portfolio equals around 70%, whereas the remaining properties are spread across other asset classes. More than 20% of the floor area is vacant at the moment.

Corpus Sireo currently acts as asset manager while delegating special letting and repositioning of the retail properties to Acrest.

'We are pleased to get this opportunity to demonstrate our quality as asset manager for difficult portfolios again, this time to the receiver and special servicer as representatives of the main creditors,' said Said Ingo Hartlief, CEO of Corpus Sireo Asset Management Commercial. 'At the same time, adding this portfolio to the assets under our management will help us expand our own retail expertise even further.'

In August last year, Corpus Sireo was also awarded the asset management mandate for a real estate portfolio of 65,000 m2 including two office schemes in Saarbrücken and one hotel in Erlangen.