A Luxembourg-based real estate fund advised by Zurich Group Germany has transferred its property management services for commercial real estate to the global real estate service provider CBRE.
Previously, CBRE managed part of the fund's portfolio and provided services in the areas of commercial and technical property management, property accounting and lease administration.
With the expansion, the fund's real estate portfolio managed by CBRE will grow from around 122,000 square metres to around 188,000 square metres. The types of use include office, retail, hotel, logistics and residential. The properties under management include the Airpark in Berlin-Schönefeld, The East in Frankfurt am Main and the City Plaza in Stuttgart.
"We rely on strong partners who share our high standards of quality and service," says Thorsten Wendt, Head of Real Estate Asset Management at Zurich Group Germany. "With CBRE, we have been able to gain an experienced service provider to manage the comprehensive real estate portfolio and to support the implementation of the real estate strategy of the fund we advise.
"The expansion of our mandate by Zurich Group Germany is a strong sign of confidence in our expertise," explains Steffen Weigel, Head of Property Management at CBRE. "We look forward to further expanding our successful cooperation and setting new standards in property management together."
