GE Real Estate Germany has acquired a portfolio of 18 office buildings in western Germany for approximately EUR 140 mln from insurance company HDI-Gerling Lebensversicherung. Twelve buildings in the 88,000 m[sup]2[/sup] portfolio are in the top seven business in the west of the country, namely Berlin, Dusseldorf, Frankfurt, Hamburg, Koln and Munich.
GE Real Estate Germany has acquired a portfolio of 18 office buildings in western Germany for approximately EUR 140 mln from insurance company HDI-Gerling Lebensversicherung. Twelve buildings in the 88,000 m2 portfolio are in the top seven business in the west of the country, namely Berlin, Dusseldorf, Frankfurt, Hamburg, Koln and Munich.
This is the fifth portfolio acquisition made by GE Real Estate Germany in the last eight months. Rainer Thaler, the unit's managing director, commented in a statement: 'This recent acquisition demonstrates our commitment to expanding our presence in Germany. The portfolio comprises a range of high quality office space which offers GE the opportunity to utilize its active asset management capability.'
Rainier said the deal reflected the fact that Germany's economy, one of the largest in Europe, is currently experiencing a recovery after lagging for the past few years. 'This recovery is already showing its effect on the key office markets, making it an ideal time for us to start building our exposure to this sector.'
