Corpus Sireo Real Estate has sold a portfolio of 12 German commercial buildings to an international investor.
The company – part of Swiss Life Asset Managers – did not disclose the purchaser’s identity or the price of the deal. Corpus Sireo will continue to manage the properties.
The properties include 105,000sqm and are primarily office space but also include a hotel, Corpus Sireo said.
The buildings are located in several cities across Germany. The real estate manager said the assets included core-plus and value-add risk classes.
Corpus Sireo bought the portfolio, known as “Spirit”, in late 2015 as part of a €370m purchase from Deka Investment. The broader “Stella” portfolio consisted of 26 assets.
Since taking full ownership of the properties in early 2016, Corpus Sireo said it had extended or concluded leases for more than 40,000sqm.
Benjamin Koch, managing director responsible for Spirit at Corpus Sireo Real Estate, said: “In our 16-month holding period, we worked extremely hard on the properties and we are delighted at how much we have managed to do in this time. Our operational team is now working on behalf of the new owner with the same high level of motivation. We look forward to demonstrating our ability to meet the owner’s strategic aims for the portfolio.”