GE Real Estate Germany has announced the purchase of seven mixed-use assets from a private individual for EUR 67 mln. The portfolio of office, warehouse, residential and retail properties is located primarily in Frankfurt, as well as in Bremen and Hannover. Positive prospects for rent increases and increasing returns on the Frankfurt office market was a motivating factor in going ahead with the acquisition. The portfolio is currently 75%-occupied with an average lease length of six years.
GE Real Estate Germany has announced the purchase of seven mixed-use assets from a private individual for EUR 67 mln. The portfolio of office, warehouse, residential and retail properties is located primarily in Frankfurt, as well as in Bremen and Hannover. Positive prospects for rent increases and increasing returns on the Frankfurt office market was a motivating factor in going ahead with the acquisition. The portfolio is currently 75%-occupied with an average lease length of six years.
Rainer Thaler, managing director of GE Real Estate Germany, commented on the transaction, ‘The acquisition of this portfolio helps us to fulfill a strategic aim of expanding our exposure to the Frankfurt market, whilst broadening our focus across a number of different sectors. The favourable predictions for the Frankfurt office market support our strategy of expansion in this key area and we are confident that through our asset management skills we can continue to unlock value going forward.’
