GE Real Estate Germany has acquired a portfolio of five mixed-use properties in Düsseldorf from a private investor in an off-market transaction. This is the second transaction GE Real Estate has concluded with the vendor following the acquisition of an office portfolio in 2006, underpinning the company's desire to continue to do repeat business with local investors and developers.
The 17,600-m² portfolio comprises a mix of commercial and retail properties located in central locations in Düsseldorf, which is one of Germany's five largest commercial office markets. All the assets were developed between 1990 and 1995. With this acquisition GE has grown its portfolio in the Düsseldorf region to approx. €370 million.
Rainer Thaler, Managing Director of GE Real Estate Germany, commented, "Düsseldorf offers excellent potential to strengthen and expand our portfolio and these assets present a number of new tenant asset management opportunities from which we hope to drive further capital and income growth."
"This acquisition forms part of our strategy of increasing our pressence across Germany's key office markets and builds on the €420-million fund acquisition we made earlier this year which significantly increased our exposure in Germany's key commercial cities and grows our assets under management to more than €1.22 billion."