GE Real Estate Germany announces that it has acquired a portfolio of seven mixed-use assets, from a private individual, in a €67 million transaction.
The portfolio comprises office, warehouse, residential and retail properties which are located across Frankfurt, but also Bremen and Hanover. The assets are a mixture of long-term let prime offices and properties where GE Real Estate has identified the opportunity to unlock additional value through its active asset management and refurbishment capabilities. The portfolio is currently 75% occupied, with an average lease length of six years.
The acquisition will help GE Real Estate to grow its exposure to the Frankfurt office market, which is predicted to benefit from increased rents and attractive returns.
Rainer Thaler, Managing Director of GE Real Estate Germany, commented: "The acquisition of this portfolio helps us to fulfil a strategic aim of expanding our exposure to the Frankfurt market, whilst broadening our focus across a number of different sectors. The favourable predictions for the Frankfurt office market support our strategy of expansion in this key area and we are confident that through our asset management skills we can continue to unlock value going forward."