The Berlin Senate gave approval on 20 March for the sale of the city's publicly-owned commercial landlord, Gewerbesiedlungs-Gesellschaft mbH (GSG), Berlin, to a joint venture between ORCO Property Group and a fund managed by Morgan Stanley Real Estate. The sale is stil subject to the approval of the Berlin Parliament and the merger control clearance. GSG is a subsidiary of the Investitionsbank Berlin (IBB) and is the largest provider of commercial rental space of the German capital. GSG's portfolio comprises some 800,00 m[sup]2[/sup] of commercial space. The transaction, led by Orco Germany has a volume of approximately EUR 400 mln.

The Berlin Senate gave approval on 20 March for the sale of the city's publicly-owned commercial landlord, Gewerbesiedlungs-Gesellschaft mbH (GSG), Berlin, to a joint venture between ORCO Property Group and a fund managed by Morgan Stanley Real Estate. The sale is stil subject to the approval of the Berlin Parliament and the merger control clearance. GSG is a subsidiary of the Investitionsbank Berlin (IBB) and is the largest provider of commercial rental space of the German capital. GSG's portfolio comprises some 800,00 m2 of commercial space. The transaction, led by Orco Germany has a volume of approximately EUR 400 mln.