THE HISTORY OF CORPUS SIREO
The corporate history of CORPUS SIREO dates back to 1962, when Martin Zimmer committed himself to the residential brokerage market in the Cologne region.
The Stadtsparkasse Köln savings bank and the M. Zimmer Group founded Corpus Immobiliengruppe (50-50 ownership structure). The M. Zimmer Group operated so successfully on the Cologne residential market since being founded in 1962 that Deutsche Bank invested in it in the 1980s.
Corpus Immobiliengruppe acquired 11,000 residential units from Deutsche Post AG.
The Stadtsparkasse Düsseldorf savings bank became a Corpus Immobiliengruppe shareholder, with an ownership structure of three equal shares. Corpus Immobiliengruppe acquired the exclusive asset management mandate for the group-owned real estate of Deutsche Telekom AG. Sireo Real Estate was founded in the same year.
Corpus Immobiliengruppe acquired interests in the Kleinwohnungsbau GmbH housing construction company in Düsseldorf, which owned 4,900 residential units. The real estate special fund for institutional investors with a volume of €525 million was placed successfully.
The Frankfurter Sparkasse savings bank came on board as a Corpus Immobiliengruppe shareholder, with an ownership structure of four equal shares. Corpus Immobiliengruppe acquired the mandate and co-investment for restructuring Immeo Wohnen (formerly ThyssenKrupp Wohnimmobilien GmbH).
40,000 former ThyssenKrupp apartments were sold to French company Foncière Développement Logements.
Several prominent asset management mandates and co-investments from international investors and public-sector portfolio holders (e.g. Morgan Stanley, Citigroup, State of Baden-Württemberg) were acquired successfully.
Corpus Immobiliengruppe and Sireo Real Estate merged to become what is now known as CORPUS SIREO Real Estate.
CORPUS SIREO acquired the Sony Centre complex on Potsdamer Platz in Berlin as part of a co-investment with Morgan Stanley and The John Buck Company. The lease with Deutsche Bahn AG was renewed.
CORPUS SIREO held its own on the market during the financial crisis, requiring no capital increase.
The Sony Centre complex in Berlin was sold to the South Korean public pension fund NPS.
CORPUS SIREO acquired the long-term asset management mandate for the Neue Deutsche Bank Türme office scheme in Frankfurt am Main from DWS Investments. CORPUS SIREO sold 4,680 apartments in Berlin to municipal housing companies DEGEWO and GESOBAU.
CORPUS SIREO was awarded the asset management mandate for the Cerberus Hawk portfolio, containing 22,000 residential properties across Germany. CORPUS SIREO also acquired the purchase and asset management mandate for the RREEF Property Pension Fund with a target volume of €500 million.
CORPUS SIREO took over the asset management division of TREUREAL GmbH, Mannheim. CORPUS SIREO was awarded the asset management mandate for the Treveria portfolio including over 150 properties. CORPUS SIREO established CORPUS SIREO Asset Management Retail GmbH, a company specialising in the management of retail properties. Deutsche Telekom AG, based in Bonn, renewed its exclusive asset management mandate to CORPUS SIREO Asset Management Commercial GmbH to handle more than 14,000 group properties through to 2022. CORPUS SIREO has been responsible for managing the properties of the German telecommunications company since 2001.
The Swiss Life Group became the new owner of CORPUS SIREO: The international insurance group Swiss Life acquired CORPUS SIREO, now the leading independent real estate asset management provider in Germany, from the savings banks.
Deutsche Asset & Wealth Management acquired the Merkur portfolio containing 3,604 apartments, 154 commercial units and total lettable space of around 260,000 m². CORPUS SIREO was awarded a ten-year asset management mandate for the properties sold.
Swiss Life Asset Managers and CORPUS SIREO launched their first joint real estate fund, Swiss Life REF (LUX) German Core Real Estate Fund SCS, SICAV-SIF. Set up under Luxembourg law, the fund invests in German residential, office and retail properties and targets a volume of €1 billion.
Shortly before the end of the year, CORPUS SIREO acquired the Stella commercial portfolio from DEKA Investments on behalf of Swiss Life Asset Managers. The 26 German office properties were incorporated into existing and new fund schemes.
Swiss Life Asset Managers successfully opened the Swiss Life REF (LUX) German Core Real Estate Fund SCS, SICAV-SIF for third-party investors. In the medium term, the fund is expected to grow to a size of €1 billion.