Swiss Life has co-invested alongside Standard Life Investments in a €325m portfolio of prime German offices.
German real estate manager Corpus Sireo, which is owned by Swiss Life, will manage the ‘Lilli’ portfolio.
Standard Life Investments said the portfolio – consisting of seven buildings in Frankfurt, Hamburg, Munich, Nuremburg and Stuttgart – will be split between four different funds.
It is the first time that Swiss Life has co-invested in a deal since acquiring Corpus Sireo last year.
Douglas Edwards, managing director at Corpus Sireo, told IPE Real Estate that the takeover of Corpus Sireo by Swiss Life meant it could resume co-investment activity.
“We are now fully back in the market for co-investment to grow our business,” he said.
The portfolio was sold by two Luxembourg real estate funds created and managed by Conren Land and N+1 REIM.
Daniel McHugh, head of continental European real estate at Standard Life Investments, said: ”The portfolio has a range of risk profiles to match the varying risk profiles of different Standard Life Investments funds.”
Hanse Carrée, a seven-storey office property in the City-Süd district of Hamburg, has been acquired by the Standard Life Investments European Property Growth Fund.
The Standard Life Investments German With Profits Fund has acquired a property in the Arnulfpark, a listed office in Munich, and Büx, a mixed-office and retail property in Stuttgart city centre.
The Standard Life Investments European Real Estate Club has acquired Coreal Tower, a property in Frankfurt Westend, and Deichtor in Hamburg.
Von-der-Tann, an office property located in Nuremburg, and Hanse Forum, in Hamburg’s central business district, has been acquired by the Standard Life Investments European Real Estate Club II.
