The Ostsee Park comprises a total rental area of 57,000 square metres and is a virtually fully-let hybrid retail park in a peripheral location. The anchor tenants are Real, Media Markt, C&A, Rossmann and Roller. Further lettings are planned for the near future. Ongoing property management on site is the responsibility of MEC METRO-ECE Centermanagement GmbH & Co. KG.
The CORPUS SIREO RetailCenter Fonds aims to acquire further properties with a total volume of 250 million euros by the end of 2016. The target volume of the fund is 450 million euros. The investors are institutional investors from Germany. The initial subscribers to the funds include Swiss Life Deutschland and also a further German institutional investor. Both companies have provided total capital of 85 million euros.
Hans Stuckart, managing director of CORPUS SIREO Investment Management S.à r. l., says the following: "The existing capital commitments have confirmed our positive assessment of the potential of retail centres in Germany. We have identified a strong development of this asset class and are pleased that we have been able to make this new fund product available for institutional investors."
"By continuous development and years of successful management, we have been able to considerably boost the market and rental value of the Ostsee Park in recent years," says Wolfgang Baumgartinger, head of Corporate Transactions at METRO Properties. "In this context, and also in view of our portfolio strategy, it was for us a very good time to sell the property to CORPUS SIREO. I am convinced that CORPUS SIREO will successfully continue management of the centre with our affiliated company MEC METRO-ECE Center Management."
With the new retail centre special fund, CORPUS SIREO is making a new investment class available for the market. Traditional retail park centres consist of three to 15 individual stores which independently offer their goods over a larger area. A retail centre on the other hand generally has more than 15 tenants on a retail area covering at least 15,000 square metres in a coherent building element which is managed by a management entity.
Karsten Burbach, Managing Director, CORPUS SIREO Asset Management Retail GmbH, says the following: "Retail centres offer an attractive risk-return ratio. According to market observations of CORPUS SIREO, they are currently trading in Germany with a gross initial yield within a range of approximately 5 to 7.5 percent. The investment volumes in Germany have so far varied between 25 and 150 million euros."
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ABOUT CORPUS SIREO
CORPUS SIREO is an award-winning multidisciplinary real estate business operating independently as an asset manager, residential broker and developer with a focus on Germany and nine other European countries. CORPUS SIREO also acts as co-investment partner in pan-European investments, is one of Germany’s Top 10 ranked residential brokerages, and develops an average of 500 residential projects in Germany each year. The company has a total of 560 employees spread across 11 locations in Germany and Luxembourg and is wholly owned by Swiss Life Asset Managers (CH). Together with its sister companies in Switzerland, France and Germany, CORPUS SIREO manages real estate worth nearly 59 billion euros (as of June 30, 2015). These include assets of the Swiss Life Asset Managers Group as well as direct and indirect investments managed on behalf of clients.
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