Swiss Life, a pension and insurance group, has entered into an agreement to acquire German real-estate firm, CORPUS SIREO for 210 million.
Subject to regulatory approval, the transaction is expected to be completed in the second half of 2014.
The acquisition will boost Swiss Life’s position in a key business area by extending the group’s property asset management business beyond Switzerland and France.
Swiss Life said that the vendors of Corpus Sireo are three German savings banks including 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.
Patrick Frost, CEO of the Swiss Life Group, said: "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.
"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," he added.
Ralph Günther, spokesperson for the management board of CORPUS SIREO Holding, said: "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. "
Founded in 1995, CORPUS SIREO manages some 16 billion in real estate assets and generates revenues of approximately 160 million. It offers real estate services for third parties through its 11 branch offices in Germany and Luxembourg.