GE Real Estate has acquired a mixed portfolio comprising primarily commercial properties located throughout Germany. The portfolio is valued at €205 million. The sellers were several institutional investors.
The portfolio comprises 31 properties with a total area of 170,000 m² located primarily in Eastern Germany, including the city of Berlin and the states of Saxony and Thüringen, as well as in major Western German cities such as Hamburg, Düsseldorf and Munich. The portfolio consists of 70% office space, 20% retail space and 10% residential properties.
Rainer Thaler, Managing Director of GE Real Estate in Germany, commented on the transaction: "We invest specifically in selected locations in East Germany that we feel will develop better than the nation as a whole. The cities of Leipzig, Halle, Dresden, Jena and Erfurt are currently enjoying a continuous upswing, and the forecast for these cities points to above-average economic growth. We are glad that we were able to acquire this portfolio and thereby strengthen our presence in Germany, especially in the eastern part of the country."
GE Real Estate was advised on the transaction by P+P Pöllath + Partners, Colliers and AtisReal. The sellers were advised by Jones Lang LaSalle and Taylor Wessing.