GIC, Singapore’s sovereign wealth fund, has mandated Frankfurt-based investment and asset management group GEG to implement a value-add office strategy across Germany.
GEG has acquired the portfolio's first property, an office asset in Frankfurt, purchased for an undisclosed sum from a real estate fund managed by pan-European investor Catalyst Capital.
The Börsencenter office building, located at Schillerstraße 19-25 in Frankfurt's central business district, is a six-storey commercial building with 8,600 m2 of lettable space. GEG said it planned to modernise and reposition the property to realise value.
'We are delighted that one of Asia’s most prominent investors has entrusted us with this mandate,' said Ulrich Höller, CEO of GEG.
'This is evidence of the high attractiveness of the German real estate market, as well as testament to the competence and professionalism of GEG.'
The seller was advised by FPS and Crowe Frankfurt, while the buyer was advised by White & Case. Colliers Frankfurt acted as intermediating brokers.
