Cologne – Corpus Sireo Real Estate, part of the Swiss Life Group, has sold its property management business to Strabag Property and Facility Services GmbH (Strabag PFS). The around 50 employees at locations in Berlin, Leipzig, Dresden, Heusenstamm/Frankfurt, Düsseldorf and Nuremberg will be taken over by the new owner. Overall, the divested business manages more than 340 properties with a total value in excess of EUR 3 billion. They include 740,000 sq m of commercial space and over 7,500 apartments in 450 buildings. Approval has been received from Germany’s Federal Cartel Office and the transaction has been successfully completed.
A CMS team headed by lead partner Heinz Joachim Kummer advised Corpus Sireo and the Swiss Life Group on all legal aspects of selling the property management platform. CMS previously advised on the restructuring of the Swiss Life Group’s existing property management contracts as a stakeholder and shareholder of German company Corpus Sireo. This is the first time that Swiss Life Group has instructed CMS in this context.
Corpus Sireo Real Estate has been part of Swiss Life Asset Managers since 2014. It operates as an investment and asset manager as well as residential and commercial project developer in Germany and other European countries. The company also acts as a co-investment partner for pan-European real estate investments. In conjunction with Swiss Life Asset Managers, Corpus Sireo managed property assets worth a total of EUR 81 billion as at the end of 2018.
Swiss Life Asset Managers describes itself as a leading European asset manager and institutional real estate asset manager in Switzerland, France, Germany, Luxembourg and the UK. As at the end of 2018, Swiss Life Asset Managers had assets under management of EUR 206.7 billion on behalf of the Swiss Life Group.
STRABAG Property and Facility Services GmbH describes itself as a leading real estate and industrial service provider in Germany. Its service portfolio covers technical and commercial management of entire sites and complete portfolios of industrial companies and real estate firms.
CMS Germany
Heinz Joachim Kummer, Lead Partner
Dr Michael Nauta, Senior Associate, both Real Estate & Public
Dr Dietmar Rahlmeyer, Partner, Competition
Dr Malte Bruhns, Partner, Corporate/M&A
Tobias Schneider, Partner, Tax
Press Contact
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