Frankfurt-based German Estate Group (GEG) has acquired an office building in the city centre of Dortmund for €70 mln, its third large transaction in December 2017.
The latest asset, HCC Harenberg City Centre, is located at Königswall 21, in close vicinity to Dortmund's central train station. The building has a total rental space of 21,500 m2.
The seller is an investment fund, managed by JP Morgan Asset Management.
The deal came two days after GEG announced the acquisition of Frankfurt's Japan Center for €280 mln. On 8 December, GEG confirmed it was buying an office and hotel complex in Cologne for over €100 mln.
Harenberg City Centre
Opened in April 1994, Harenberg City Centre underwent major refurbishment between 2010 and 2012 and ranks amongst the highest buildings in Dortmund. The building is 70 metres in height and consists of 19 storeys above ground and two basement floors.
BNP Paribas Real Estate, CMS Hasche Sigle and Hengeler Mueller acted as advisors for the transaction; pbb Deutsche Pfandbriefbank provided the financing.
Ulrich Höller, chairman of the management board of GEG, said: 'The acquisition of this top landmark asset has enriched our portfolio in the strategic Institutional Business segment, adding another attractive property in a first-class location, with stable cash flows and potential for appreciation in value.'
GEG concentrates on three segments: institutional business, opportunistic investments, and project development. The company has some €2.3 bn of assets under management.
