Corpus Sireo launches new asset manager for retail sector

With German retail real estate making up 36% of all commercial investment in the country last year, it was probably only a question of time until Cologne-based Corpus Sireo fixed its gaze upon the sector and set up its own asset management division focused exclusively on retail. Not surprisingly, therefore, it recently announced it was doing just that.

Corpus Sireo Asset Management Retail, also to be based out of Cologne, immediately set its sights on becoming one of the top three providers for asset management services, a position it holds in both the commercial and residential segments.

The core team of the new retail division will be headed by Thorsten Prior and made up of an experienced group transferring from MFI Management für Immobilien AG, a shopping centre specialist, where it built up a portfolio including six shopping centres valued at €1.7bn and brought in substantial third-party business.

Prior commented on the new division, . “With the recently acquired Treveria mandate and the retail properties that Corpus Sireo manages within the framework of other mandates, we are off to a fresh start, now working with the asset management market leader in the retail market. There is enormous interest in German retail real estate.”

Corpus Sireo is already the largest asset manager in the country, with €16.2bn in assets under management, and a staff of 560 at eleven locations throughout Germany. It also acts as a broker and developer for owner-occupiers and investors.

Prior’s comment on Treveria refers to the decision by listed British specialist retail investor Treveria to throw in the towel on its German operations following renewed losses for 2012 of €135m. Treveria’s wind-down is currently being led primarily by board member David Malpica and his own separate company Kewbrige Capital Ltd. The bulk of Treveria’s German assets have for some time been managed by external managers such as Corpus Sireo and CR Investment Management.