GE Real Estate has acquired six office buildings under development from the property developer Palm Promotion for around EUR 19 mln, through a sale prior to completion agreement (VEHA).
GE Real Estate has acquired six office buildings under development from the property developer Palm Promotion for around EUR 19 mln, through a sale prior to completion agreement (VEHA).
The development provides an area of 11,430 m2 and is located in the ZAC district of Grand Cottignies, a new area of the city of Wasquehal, located along the northern coast of France. In a press release, GE real estate said the first phases of construction work is scheduled for completion in the end of 2007. Atis Real Lille was the advisor for the seller.
GE Real Estate, a business unit of GE Commercial Finance, is a major real estate company active in North America, Europe and Asia. In 2005, the group had net income increasing 14% over 2004. GE Real Estate is also one of the fastest growing units within GE Commercial Finance.