German Estate Group, acting on behalf of GIC, has acquired Borsencenter building in Frankfurt for an undisclosed amount. The transaction marks the first deal made in line with GIC's Value-Add office strategy for Germany. Located at Schillerstraße 19-25, the six-storey commercial building comprises 8,600m² of rentable space and benefits from an excellent location in Frankfurt's central business district. It is expected that GEG will modernise and reposition the property to realise value.
Seller is a real estate fund managed by Catalyst Capital, which bought the asset in 2016 in a portfolio transaction. After the purchase of the portfolio, Catalyst’s Frankfurt team created the planning law environment conducive to reposition the asset and started dismantling measures.
Ulrich Holler, Chief Executive Officer of GEG, said: “We are delighted that one of Asia’s most prominent investors has entrusted us with this mandate. This is evidence of the high attractiveness of the German real estate market, as well as a testament to the competence and professionalism of GEG.”