The Swiss Life Group is expanding its position in real estate asset management by acquiring CORPUS SIREO, the leading independent real estate service provider in Germany, with retroactive effect from 1 January 2014. The sellers of the company are three German savings banks: Sparkasse KölnBonn (50%), Stadtsparkasse Düsseldorf (25%) and Frankfurter Sparkasse (25%). This makes Swiss Life a leading real estate asset manager in Germany. The purchase price is EUR 210 million. Pending approval by the competition authorities, the transaction will be completed in the course of the second half of 2014.
"This acquisition is an important step to extending our position as a leading provider in one of our core strategic areas, real estate asset management, from Switzerland and France to Germany," says Patrick Frost, CEO of the Swiss Life Group. "Given our more than 150 years of experience in the real estate business and the additional expertise contributed by the 550 employees of CORPUS SIREO, we are confident that we will be able to successfully expand this business area further."
CORPUS SIREO, with its head office in Cologne, was founded in 1995 and has since evolved from a regional real estate brokerage company into the leading German independent real estate service provider, winning a number of awards over the past years as the top real estate asset management service provider in Germany. The company is also one of the two most popular employers in the German real estate sector. CORPUS SIREO provides real estate services for third parties through its 11 branch offices in Germany and Luxembourg. The company manages some EUR 16 billion in real estate assets and generates revenues of approximately EUR 160 million. Its customers include investors, banks, and companies with proprietary real estate portfolios.
"With the globally focused Swiss Life as its new owner, CORPUS SIREO will be able to further develop its business systematically and enter new markets. To this end we would also like to give greater consideration again to co-investments. We are looking forward to taking the next steps in our development alongside Swiss Life," says Ralph Günther, spokesperson for the Management Board of CORPUS SIREO Holding GmbH & Co. KG.
The business segments acquired by Swiss Life comprise:
Asset management (commercial, residential and retail) with full-service solutions for acquiring, optimising and marketing customers' real estate portfolios or individual properties;
Project development including the design, building and marketing of residential projects;
Investment management comprising the design, launching and management of indirect real estate investments;
Marketing of residential property in the conurbations of Cologne / Bonn, Düsseldorf and Frankfurt, as well as commercial properties throughout Germany.
Information Swiss Life
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Information CORPUS SIREO
Phone +49 221 39900 120
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The Swiss Life Group is one of Europe's leading comprehensive life and pensions and financial solutions providers. In its core markets of Switzerland, France and Germany, Swiss Life offers individuals and corporations comprehensive and individual advice plus a broad range of own and partner products through its sales force and distribution partners such as brokers and banks.
Swiss Life Select, tecis, HORBACH, Proventus and Chase de Vere advisors choose suitable products for customers from the market according to the Best Select approach. Swiss Life Asset Managers offers institutional and private investors access to investment and asset management solutions. Swiss Life provides multinational corporations with employee benefits solutions and high net worth individuals with structured life and pensions products.
Swiss Life Holding Ltd, registered in Zurich, was founded in 1857 as Schweizerische Rentenanstalt. The shares of Swiss Life Holding Ltd are listed on the SIX Swiss Exchange (SLHN). The Swiss Life Group employs a workforce of around 7000, with approximately 4500 certified financial advisors.
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