GE Real Estate Germany has announced it has strengthened its retail position in Germany with the acquisition of a portfolio of outlets from a private individual for EUR 30 mln. The portfolio comprises 15 furniture stores, totalling 34,000 m2, located mainly in western Germany in the periphery of its major cities, including Hamburg, Stuttgart and Cologne. The stores are let to Domicil Mobel, a subsidiary of HTL International, a Singapore based producer of high quality furniture. HTL is eager to expand its operations both in Germany and worldwide through its recently acquired Domicil brand. GE Real Estate said it now owns all of the outlets operated by HTL under the Domicil name.
GE Real Estate Germany has announced it has strengthened its retail position in Germany with the acquisition of a portfolio of outlets from a private individual for EUR 30 mln. The portfolio comprises 15 furniture stores, totalling 34,000 m2, located mainly in western Germany in the periphery of its major cities, including Hamburg, Stuttgart and Cologne. The stores are let to Domicil Mobel, a subsidiary of HTL International, a Singapore based producer of high quality furniture. HTL is eager to expand its operations both in Germany and worldwide through its recently acquired Domicil brand. GE Real Estate said it now owns all of the outlets operated by HTL under the Domicil name.
Rainer Thaler, Managing Director of GE Real Estate Germany, commented: 'GE Real Estate is committed to increasing its presence across Germany and this particular portfolio allows us to enhance our retail exposure throughout the country. The retail market in Germany is constantly growing stronger and we are pleased to have secured a portfolio that is let to such a strong tenant. We continue to look for investments in all sectors across Germany that offer opportunities for strong long term returns.' GE Real Estate's legal adviser for the deal was Pollath & Partner, while the vendor was advised by Kurn + Baum (Legal) and Grifon Oy/Mr. Harri Lahtinen (Broker).
