GEG German Estate Group is investing €365m to acquire two office properties in Berlin from Tishman Speyer.
The manager said it has bought the 24,200sqm Pressehaus building and the 10,300sqm New Podium building on Berlin’s Alexanderplatz. Both buildings are already 90% let on a long-term basis, GEG said.
Tishman Speyer will be responsible for the completion of the New Podium new building between now and 2021.
Ulrich Höller, chairman of GEG’s management board, said: “With this investment at Alexanderplatz, one of the Berlin’s top locations with a view to the future, we now have our first presence in the capital – and we intend to seek further opportunities here.”
Established in 2015, GEG is backed by Frankfurt-based TTL Group and US private equity firm KKR. The acquisition of the Pressehaus is GEG’s first investment in Berlin. Following the transaction, GEG’s assets under management rise to €3.6bn.
Florian Reiff, managing director at Tishman Speyer, said: “Our work on the Pressehaus in Berlin adds to our excellent track record of adding value to landmark properties here in Germany.”
Investment manager Tishman Speyer acquired the Pressehaus building in September 2016.
“This deal is the latest in a line of value-creating transactions for our investors in Germany and we see no shortage of opportunities to add to these in the coming months and years,” Reiff said.
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