Swiss Life has co-invested alongside in a 鈧�325m portfolio of prime German offices.
German real estate manager , which is owned by Swiss Life, will manage the 鈥楲illi鈥� portfolio.
Standard Life Investments said the portfolio 鈥� consisting of seven buildings in Frankfurt, Hamburg, Munich, Nuremburg and Stuttgart 鈥� will be split between four different funds.
It is the first time that Swiss Life has co-invested in a deal since .
Douglas Edwards, managing director at Corpus Sireo, told IPE Real Estate that the takeover of Corpus Sireo by Swiss Life meant it could resume co-investment activity.
鈥淲e are now fully back in the market for co-investment to grow our business,鈥� he said.
The portfolio was sold by two Luxembourg real estate funds created and managed by Conren Land and N+1 REIM.
Daniel McHugh, head of continental European real estate at Standard Life Investments, said: 鈥�The portfolio has a range of risk profiles to match the varying risk profiles of different Standard Life Investments funds.鈥�
Hanse Carr茅e, a seven-storey office property in the City-S眉d district of Hamburg, has been acquired by the Standard Life Investments European Property Growth Fund.
The Standard Life Investments German With Profits Fund has acquired a property in the Arnulfpark, a listed office in Munich, and B眉x, a mixed-office and retail property in Stuttgart city centre.
The Standard Life Investments has acquired Coreal Tower, a property in Frankfurt Westend, and Deichtor in Hamburg.
Von-der-Tann, an office property located in Nuremburg, and Hanse Forum, in Hamburg鈥檚 central business district, has been acquired by the Standard Life Investments European Real Estate Club II.
