On August 13, 2014, Swiss Life announced that it had reached an agreement to acquire the leading independent real estate service provider in Germany, CORPUS SIREO, for $280 million.
On August 13, 2014, the Swiss Life Group announced that it had reached an agreement to acquire the leading independent real estate service provider in Germany, CORPUS SIREO GmbH & Co. KG, for $280 million (EUR 210 million). The closing of the transaction is pending regulatory approval but is expected to occur in the second half of 2014 and would be effective as of January 1, 2014. The sellers of Corpus are three German savings banks.
CORPUS SIREO, which was founded in 1995, is headquartered in Cologne, Germany and provides real estate asset management services for investors, banks, and companies with proprietary real estate portfolios through 11 branch offices throughout Germany and Luxembourg. The company manages approximately EUR 16 billion in real estate assets and generates revenues of approximately EUR 160 million.
The Swiss Life Group, which was founded in 1857, is headquartered in Zurich and is a provider of structured life and pension products and financial solutions for individuals and corporations.
The terms of the transaction were not disclosed.
To read the press release, please click here.