Swiss Life, a pension and insurance group, has completed the acquisition of German real-estate firm, Corpus Sireo for EUR210m following the receipt of regulatory approval from relevant authorities.
The deal, which was initially announced in August 2014, will allow Swiss Life to position itself in a key business area by extending the group’s property asset management business beyond Switzerland and France.
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As part of the acquisition, Corpus Sireo will operate as a business area within Swiss Life Asset Managers.
Swiss Life said that the sellers of Corpus Sireo include three German savings banks namely Sparkasse KölnBonn (50%), Stadtsparkasse Düsseldorf (25%) and Frankfurter Sparkasse (25%).
Additionally, the deal will now make Corpus Sireo as a leading real estate asset manager in Germany, and offers it a 36 billion platform with over 1,000 staff.
Founded in 1995, Corpus Sireo manages some 16bn in real estate assets and generates revenues of approximately 160m. It offers real estate services for third parties through its 11 branch offices in Germany and Luxembourg and has nearly 550 employees.
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