Swiss Life Asset Managers, through its German real estate subsidiary Corpus Sireo, has acquired the Stella office portfolio from Deka Investments for €370 mln in one of the biggest deals in Germany this year.
Swiss Life Asset Managers, through its German real estate subsidiary Corpus Sireo, has acquired the Stella office portfolio from Deka Investments for €370 mln in one of the biggest deals in Germany this year.
The portfolio comprises 26 office properties which are located mainly in Berlin, Düsseldorf, Frankfurt am Main, Hamburg and Munich as well as secondary cities such as Dresden, Bonn and Hanover.
The buildings have a total rental area of around 221,000 m2, including 178,000 m2 of office space. The portfolio has a vacancy rate of around 11% and a majority of the properties are multi-tenant buildings.
The assets will mainly be incorporated into existing Swiss Life fund structures. Part of the portfolio, primarily properties requiring management, will be offered to international investors for co-investment. These properties will be repositioned with plans to sell them on at a later stage. Corpus Sireo will be responsible for managing the properties.
Commenting on the deal, Stefan Mächler, CIO of Swiss Life, said: ‘The acquisition of the portfolio underlines our long-term growth strategy and enables us to offer our customers access to attractive and broadly diversified real estate fund solutions.’
Roy Brümmer, head of acquisitions at Corpus Sireo, added: ‘We have secured the portfolio in a fiercely competitive market and have thus been able this year to acquire not only many individual properties but also a major commercial real estate portfolio for our investors. Our task is now to integrate the properties in our fund structures and investment vehicles and to manage them for investors with the long-term aim of optimising value.’