GE Real Estate has acquired a portfolio of primarily commercial properties in Germany from several institutional investors for EUR 205 mln. The portfolio comprises 31 properties with a total area of 170,000 m[sup]2[/sup] located mainly in the east of the country (Berlin and the states of Saxony and Thuringen). Some of the properties are in the western cities of Hamburg, Dusseldorf and Munich. Some 70% of the total space is for office use, 20% is for retail and the remainder for residential purposes.
GE Real Estate has acquired a portfolio of primarily commercial properties in Germany from several institutional investors for EUR 205 mln. The portfolio comprises 31 properties with a total area of 170,000 m2 located mainly in the east of the country (Berlin and the states of Saxony and Thuringen). Some of the properties are in the western cities of Hamburg, Dusseldorf and Munich. Some 70% of the total space is for office use, 20% is for retail and the remainder for residential purposes.
Commenting on the transaction, Rainer Thaler, managing director of GE Real Estate in Germany, said: 'We invest specifically in selected locations in eastern Germany that we feel will develop better than the nation as a whole. The cities of Leipzig, Halle, Dresden, Jena and Erfurt are currently enjoying a continuous upswing, and the forecast for these cities points to above-average economic growth'.
GE Real Estate was advised in the transaction by P+P Pollath + Partners, Colliers and Atisreal. Jones Lang LaSalle and Taylor Wessing acted for the sellers.
GE Real Estate, a business unit of GE Commercial Finance, is active in 31 countries and has $72 bn (EUR 50 bn) in assets. The German office was established in 1998 and has over EUR 800 mln in assets.
Click on the link below for news on GE Real Estate's previous deals in Germany.
