Swiss Life buys up German real estate firm as it looks to diversify
Swiss Life announced yesterday that it was buying a German real estate firm as the insurance company moves increasingly into asset management to diversify its revenue stream under new chief executive Patrick Frost.
The Swiss insurer said it was buying property service provider Corpus Sireo for €210m (£168m), with the deal due to close later this year subject to regulatory approval.
The German company managed around €16bn in real estate assets for its investor and bank clients, generating revenues of €160m a year, it said.
Swiss Life’s total volume in asset management with external customers stood at Sfr27.6bn (£18.2bn)) at the end of 2013.
Frost, who took over as CEO in July, said the acquisition would extend Swiss Life’s position as a top provider of property management from Switzerland and France to Germany.
Swiss Life’s shares jumped 10.13 per cent on the Frankfurt stock exchange, closing on €188.65.