STRABAG PFS Acquires CORPUS SIREO Property Management Business
STRABAG Property and Facility Services (STRABAG PFS) has acquired the property management business of Swiss Life Asset Managers subsidiary, CORPUS SIREO Real Estate GmbH, in a deal involving the parallel delivery of property services at 340 buildings operated by the Swiss Life Group.
Under the novel partnership model, STRABAG PFS will assume responsibility for property and facility management services for a pan-European commercial and residential portfolio valued at more than €3 billion. The deal also involves the transfer of more than 50 CORPUS SIREO employees who are based in Berlin, Leipzig, Dresden, Heusenstamm/Frankfurt, Düsseldorf and Nuremberg.
Discussing the acquisition, Thomas Birtel, CEO of Strabag PFS’s Vienna-based parent company, STRABAG SE, said:
“In the partner model developed in collaboration with STRABAG PFS, we see great potential for our customers in terms of above-average property performance,” says Martin Eberhardt, Managing Director of CORPUS SIREO Real Estate. “It was important for our employees to select an excellent new employer with very good prospects for the future. For CORPUS SIREO, the focus was on an innovative partner with comparable interests.”
The transaction is expected to close on 1 April 2019, subject to regulatory approval from Germany’s competition watchdog.
CORPUS SIREO is a multi-award-winning, multidisciplinary real estate service provider. The company operates as a fund and asset manager, investor and project developer in Germany and other European countries. It also acts as a co-investment partner for pan-European real estate investments. CORPUS SIREO employs around 570 people at 10 locations in Germany and Luxembourg and is part of Swiss Life Asset Managers. With companies in Switzerland, France, Germany and the UK, Swiss Life Asset Managers manages a total of 72.2 billion euros (per 30.06.2018) worth of real estate assets. CORPUS SIREO manages special funds with a current volume of EUR 3.1 billion. The company has expertise and its own presence in the German regional markets as well as in the healthcare real estate sector, where it is one of the German market leaders as a provider of specialized funds.