German savings banks look to offload real estate giant Corpus Sireo

first_imgThe three savings banks that jointly own Corpus Sireo – Sparkasse Köln-Bonn (50%), Sparkasse Düsseldorf (25%) and Frankfurter Sparkasse (25%) – are looking for a buyer.Norbert Minwegen, spokesman for Sparkasse Köln-Bonn, said: “Corpus Sireo has developed from a classic regional business into an international one.”He explained the business of savings banks was traditionally focused regionally, and that the three owners therefore decided to look for a buyer.Corpus started off as a regional player in 1995, but the portfolio quickly expanded, first with the exclusive mandate gained in 2001 to manage the properties of Deutsche Telekom. In 2007, the company merged with Sireo real estate, and today it also has properties in the US.Currently, Corpus Sireo is managing more than €16bn in real estate assets, almost €2bn of which is for institutional clients.Minwegen cited the current market environment as another reason to sell Corpus Sireo now.“There is currently a good market for real estate, and so we reckoned it might also be a good time to sell off shares in a real estate company,” he said.Three weeks ago, the Sparkassen commissioned Lazard to look into a possible sale, and, so far, the responses have been “very good” – from both national and international parties.However, Minwegen stressed that none of the current owners was “under any rush to sell”, and that the process of a possible sale had “only just begun”.“We are testing the waters,” he said.Just last week, Corpus Sireo closed its Health Care II fund, taking on board six undisclosed German institutional investors.They provided €150m in equity for the fund, which is to grow to €300m using a debt ratio of 50%.In a statement, Corpus Sireo said: “So far, the fund has acquired eight care homes, and contracts are due to be signed for a further two homes in the next few weeks.”The fund is focusing on new-build care homes in Western Germany, and “at least five” different operators have been earmarked for the approximately 30 care homes to be acquired.The Corpus Sireo Health Care Fund I, which is now fully funded, with a volume of about €430m in 46 care homes, is to date the largest German investor in this asset class.last_img read more

Kiss: We face a challenge

first_img Brian O’Driscoll sat out part of Ireland’s team run at the Aviva Stadium in their final session before Saturday’s opening autumn international against Samoa. Specialist defensive coach Kiss confirmed O’Driscoll is fully fit to start though, and only sat out as part of a workload agreed with head coach Joe Schmidt. Cian Healy, new full-time captain Paul O’Connell and muscular flanker Sean O’Brien all lie in wait on Ireland’s bench to be unleashed in the second half against the Pacific Islands nation. Experienced 50-cap scrum-half Eoin Reddan and accomplished Leinster out-half Ian Madigan are also named among the replacements. New boss Schmidt is renowned for stacking his benches to unleash a bevy of second-half talent and change the complexion of a match if required. Kiss admitted the new Ireland chief will transfer that Leinster tactic to the national job – but said those assets will be useless without big impact from the starting XV. He explained: “You can look at that bench and say there’s a fair bit of strike power there. But that’s for later in the game. “We’ve got to make sure we start the game well and put ourselves in a strong position. “If we don’t do that then the bench won’t be important and won’t be able to make any impact at all. “They are a lethal unit if they get going, so we’ve been making sure our guys have their heads in the right place for this game. “When you haven’t got the ball against this team, the minute you switch off or decide to take a rest, you’ll be found out in one aspect or another. “They’ve got some big powerful forwards who can go through the middle, or work around the edges of the ruck. “Tusi Pisi is a real handful at fly-half if you give him space to work, and Johnny Leota and Pisi have built a great combination in midfield there. “Their running lines and the way they can carry and damage a defensive line are things we need to be aware of, and they have a lot of speed. “But they don’t mind kicking the ball either, in varying situations, to challenge your back field. “It really is a challenge across the park, so defensively we’ve got to have our hats on. “They can hurt you at any time, and it really is a challenge against this side. “I think in the last five Tests they have averaged three tries a Test, and that’s against good teams, beating Wales amongst that, beating Scotland and Italy. “So they will be very confident about where they are.” Ireland’s replacements bench heavy artillery will be useless unless the starting line-out subdue potent Samoa, warns assistant coach Les Kiss. Press Associationlast_img read more

FIH coach Shiv Jagday conducts hockey clinic in Guyana

first_imgFIH hockey coach Shiv Jagday visited Guyana from June 7 to 20 to conduct two weeks of hockey training for coaches, nationals and junior players.While Jagday hails from India originally, which is a powerhouse in the sport from inception of international competition, he has plied his trade mostly in Canada for the past 40 years.According to a Guyana Hockey Board (GHB) release, after a successful stint in the 1980s as the Canadian men’s national team coach where he led Canada to their most successful international period of two Olympic appearances, two World Cups and two Pan American gold medals, Jagday branched out into developmental coaching worldwide.His first such assignment was to Guyana in 1988 at the invitation of Chris Fernandes, the-then president of the GHBl.Coach Shiv, as he is called by everyone, has since visited Guyana five times to conduct Olympic solidarity courses which have impacted on many of the country’s national players of the recent past.Jagday undertook the responsibility of the USA junior national programme from 1998 to 2005 before developing two training academies for hockey in California and Vancouver.He also spends his time in Melbourne, Australia and Punjab India where he has helped to establish a regional training institute that has seen nine players from Punjab selected for the current Indian national team. With Jagday now being semi-retired, he made contact with the GHB to offer his services for free in his effort to give back to the sport.This was an offer that the GHB could not refuse as it is difficult to secure the expertise of a top quality coach in this part of the world without a substantial cost.Among the topics covered during his two-week stay here in Guyana were core basic skills like Stance, Footwork and First Touch in addition to Passing and Receiving, Running with the ball, Triangle play, Team concepts and using Mini Hockey as a tool to develop the game in segments.Fifty boys and girls between the ages of 13 and 19 years attended the junior sessions while thirty-five coaches attended the coaching sessions.President of the GHB, Philip Fernandes, was high in praise of the training programme run by Shiv and considers it of great value to Guyana’s hockey. When Jagday first came to Guyana, Fernandes was the junior national hockey captain and considered Jagday’s teachings to be invaluable.Fernandes indicated that the GHB is in discussions with Jagday about making his visits an annual feature on the hockey calendar with a long-term plan for developing even stronger junior and senior teams in four years’ time.Upon completion of his two-week training clinic, Jagday commented, “There is so much natural talent waiting to be groomed in the correct way.“As I said since my first visit, there is great athleticism, intelligence and adaptability among the Guyanese athletes. They just need more discipline, structure in sport and in life and to develop a routine where training is concerned. The attitude cannot just be to train whenever the mood suits.”Jagday indicated that he enjoys Guyana every time he visits and mentioned the beautiful climate and hospitable people as being two of the main reasons he has chosen to return to Guyana.last_img read more