GE Real Estate Germany has strengthened its retail position in Germany with the acquisition of a portfolio of retail outlets from a private individual for €30 million. The portfolio comprises 15 furniture stores, totaling 34,000 m², located mainly in West Germany in the periphery of its major cities, including Hamburg, Stuttgart and Cologne.
The stores are let to Domicil Möbel GmbH, a subsidiary of HTL International, a Singapore based producer of high quality furniture. HTL is eager to expand its operations both in Germany and worldwide through its recently acquired Domicil brand. GE Real Estate now owns all of the outlets operated by HTL under the Domicil name.
Rainer Thaler, Managing Director of GE Real Estate Germany, commented: "GE Real Estate is committed to increasing its presence across Germany and this particular portfolio allows us to enhance our retail exposure throughout the country. The retail market in Germany is constantly growing stronger and we are pleased to have secured a portfolio that is let to such a strong tenant. We continue to look for investments in all sectors across Germany that offer opportunities for strong long term returns."
GE Real Estate's legal adviser for the deal was Pöllath & Partner, while the vendor was advised by Kürn + Baum (Legal) and Grifon Oy/Mr. Harri Lahtinen (Broker).