Since the Corpus Real Estate Group merged with Sireo Real Estate to form CORPUS SIREO Holding GmbH in 2007, the Düsseldorf company has succeeded in positioning itself as one of Europe's most important asset managers.
"We see great potential in concentrating our activities and business interests on the management of residential and commercial real estate assets." Thus the strategy outlined by Michael Zimmer, Chairman of the Board of CORPUS SIREO.
The cooperation with international investment bankers as co-investors or as partners in joint ventures within the context of asset management commissions will continue to be expanded, this means that additional investment platforms will be established together with the US investment bank Morgan Stanley and the Citigroup, with CORPUS SIREO holding a minority participation.
All of the real estate assets held jointly with Morgan Stanley are exclusively managed by ARGONEO Real Estate GmbH, Heusenstamm, in which CORPUS SIREO and Morgan Stanley Properties Germany GmbH, London, are each 50% participants. Since being established in 2006, it has been responsible for managing commercial real estate with a total volume of 6 billion euros. CORPUS SIREO places its national network of branch offices at the service of this joint venture and is available as a contact for property users and tenants, while also providing support in the acquisition of properties.
The holdings of CORPUS SIREO's joint venture with Citi Property Investors, London, CitCor Residential Holding, are expected to grow - despite the subprime crisis - to more than 40,000 residential units in the next three to five years and thereby reach a volume of two to three billion euros. The Citigroup holds a 90% participation in this joint venture specialized in the purchase of German residential real estate and CORPUS SIREO holds the remaining 10%. Another joint venture launched by, CORPUS SIREO and the Citigroup is CitCor Commercial Properties, which is specialized in the purchase of retail properties in downtown locations. This joint venture is expected to purchase properties with a total value of 500 million euros in the coming year. The prospect of additional purchases continues to be good, according to Zimmer, despite the subprime crisis. "We are looking at a market in which prices have been falling and in which some owners have already been forced to liquidate their assets. Due to the financial strength of our partner and our own high level of capital, we find ourselves in a position to wait for good opportunities," the head of the company summarizes.
"CORPUS SIREO would like to apply the profound experience it has gained in the German business environment to other European countries and thereby broaden it exponentially," explains Zimmer. The goal is to promote a Europe-wide expansion strategy. After having been successfully involved in international consulting for companies in which the Deutsche Telekom AG participates, for Hrvatski Telekom in Croatia, Magyar Telekom in Hungary, TSI in France and Spain, CORPUS SIREO has now established an asset management platform in Italy.
CORPUS SIREO also provides classic asset management services, including the strategic analysis of properties, support in making portfolio purchases as well as in managing, creating added value and reducing costs during the holding phase and through to the sale of the properties. CORPUS SIREO is also glad to support customers interested in liquidating high volume real estate portfolios and preparing capital market oriented exit scenarios.
In order to provide services optimally adapted to our client's strategy, we provide them with an individual key account team. They are supported by a specialized team of experts who offer a broad range of services for clients and portfolios in the fields of due diligence, transaction and property management, as well as development.
In addition, CORPUS SIREO's funds subsidiary, which is headquartered in Luxembourg, develops special real estate funds for which it also provides asset management.
CORPUS SIREO, was created through the merger of the Corpus Real Estate Group and Sireo Real Estate. With 14 branch offices it manages real estate holdings valued at 17.1 billion euros. This makes the company one of the largest asset managers for residential and commercial real estate in Europe