Frankfurt-based investment and asset management group GEG has acquired the training centre of the North-Rhine Westphalia police force in Neuss, North Rhine-Westphalia, from the German listed property firm Gateway Real Estate for €36 mln.
In a statement GEG - a partnership of Frankfurt-based Deutsche Immobilien Chancen Group and US group KKR - said that the investment was made on behalf of the GEG Public Infrastructure I fund.
The building, which is let to the German state of North-Rhine Westphalia under a long-term lease, is being used by the State Authority for Training, CPD and Human Resources of the North-Rhine Westphalia Police. Built in 1970, the complex comprises 12 connected single-storey buildings with an aggregate rental space of 16,300 sqm m2 206 parking spaces, on a plot of 40,000 m2.
The buyer was advised by Ashurst and Drees & Sommer; HauckSchuchardt acted for the seller.
The two shareholders of GEG German Estate Group AG are Kohlberg Kravis & Roberts
