Listed property company Orco Germany has finalised the acquisition of commercial property owner Gewerbesiedlungs-Gesellschaft (GSG) from IBB-Holding, a unit of Investitionbank Berlin, for EUR 400 mln. GSG is the largest provider of commercial property in the Germany capital, with a portfolio of 800,000 m[sup]2[/sup] of commercial and light industrial space.
Listed property company Orco Germany has finalised the acquisition of commercial property owner Gewerbesiedlungs-Gesellschaft (GSG) from IBB-Holding, a unit of Investitionbank Berlin, for EUR 400 mln. GSG is the largest provider of commercial property in the Germany capital, with a portfolio of 800,000 m2 of commercial and light industrial space.
Following the acquisition carried out in a joint venture with Morgan Stanley Real Estate Fund V, Orco's global rental portfolio will top 1 million m2 of lettable space. Morgan Stanley is getting shares in Orco Germany as part of the deal.
Jean-Francois Ott, ceo of Orco Proeprty group, commented: 'This is Orco's largest acquisition to date, it allows us to control a substantial rental portfolio of great quality in Berlin, a city that I am very bullish about.' He added: 'Having Morgan Stanley Real Estate as a shareholder in Orco Germany is a sign of confidence in our German strategy.'
