Two investment companies belonging to Mannheim-based Primus Valor group have acquired 93 residential and commercial assets spread across Germany from Swiss Life Asset Managers.
Financial details were not disclosed, but the transaction is understood to be in the triple digit million range.
Gordon Grundler, founder and board director of Primus Valor said: 'The transaction is a classic win-win situation between the seller and us as the purchasers.
'For many years, we have been specialised in operating - also partially very small units – in medium and regional centres in Germany, as well as partially optimising such units by means of renovations, redevelopments and building and expansions.'
The sale of the 1,800 rental units from the 'Agora' portfolio represents one of the largest German residential property portfolio transactions in recent months. The deal includes 1,500 apartments with a total rental area of around 123,000 m2 as well as 300 commercial units.
The properties are situated in a total of 35 cities in the states of Baden-Wuerttemberg, Bavaria, Berlin, Brandenburg, Hessen, Lower Saxony, North Rhine-Westphalia, Rhineland-Palatinate, Saarland, Saxony and Thuringia.
Swiss Life was assisted by Corpus Sireo Real Estate.
'Due to the small units and their distributions over different locations with the considerable total size of the Agora portfolios, the transaction was very complex for all involved in the process. We are all more than delighted that the transfer could successfully take place in only four months,' said Martin Eberhardt, managing director of Corpus Sireo Real Estate.
