Corpus Sireo
Corpus Sireo Headquarter
Martin Eberhardt, managing director of Corpus Sireo Real Estate, said: “Due to the small units and their distributions over different locations with the considerable total size of the AGORA-portfolios, the transaction was very complex for all involved in the process. "
The fast-growing Mannheim-based Primus Valor group has bought 93 properties in Germany from Swiss Life Asset Managers in a three-digit million euro deal. The sale represents one of the largest German residential property transaction in the last several months.
Swiss Life said it sold the so-called AGORA portfolio, with the help of Corpus Sireo Real Estate, to two investment companies of Primus Valor.
The 1,800 rental units include 1,500 apartments with a total rental area of 123,000 sqm and 300 commercial units. The properties are situated in a total of 35 cities across eleven German states - Baden-Wuerttemberg, Bavaria, Berlin, Brandenburg, Hessen, Lower Saxony, North Rhine-Westphalia, Rhineland-Palatinate, Saarland, Saxony and Thuringia.
Gordon Grundler, founder and board director of Primus Valor said: 'The transaction is a classic win-win situation between the seller and us as the purchasers. For more than ten years we have specialised in operating - also partially very small units – in medium and regional centres in Germany, as well as partially optimising such units by means of renovations, redevelopments and building and expansions.'
Martin Eberhardt, managing director of Corpus Sireo Real Estate, said: “Due to the small units and their distributions over different locations with the considerable total size of the AGORA-portfolios, the transaction was very complex for all involved in the process. We are all the more delighted that the transfer could successfully take place in only four months.”
Founded in 2007, Primus Valor’s focus is on buying multi-family houses with renovation potential, particularly in smaller B- and C-cities, where the price multiple is much lower. In Munich for example, the multiple is often over 30, whereas in smaller cities this can be lower than 20 (times annual ‘cold’ rent). That’s the difference between a yield of 5% and a yield of 3.3%.