GE RE makes acquisitions in Spain and Sweden

GE Real Estate Iberia has acquired a logistics warehouse development from Mafort, a Valencian property company, in the Masiá Balo de Ribarroja industrial park, only 15 km from the centre of Valencia. The transaction value is EUR 44 mln. The project comprises a 44,000 m² logistics warehouse that is scheduled for transfer in the autumn of 2008.

GE Real Estate Iberia's industrial portfolio in Spain comprises a total of 200,000 m² of space. Marcelo Horcel, managing director of GE Real Estate Iberia, commented: 'This transaction will enhance our growing presence in the Spanish industrial and logistics market. Not only have we added 44,000 m² to our industrial portfolio, but also announced our entry into one of the most important and fastest growing industrial and logistics markets in the Mediterranean.' GE Real Estate Iberia was advised by Garrigues, Exa and Watts. Ind. Ibérica during the transaction, while King Sturge acted as advisors to Mafort.

Separately, GE Real Estate Nordic announced it has acquired two mixed-use properties in Gothenburg and one in Karlstad for SEK 274 mln (EUR 30 mln) from Granitia Fastighets and Palmblad Fastighetsservice. The buildings provide a total lettable space of 35,000 m2, half of which is used as logistics warehouse space, with the remainder used as office and auxiliary retail.