GEG German Estate Group has acquired the HELIO building, situated next to the main railway station in Augsburg, Germany. The four-part complex, which includes an underground car park for c.600 vehicles, offers a rental space of around 36,000m². The seller, ASG, has extensively refurbished, modernised and repositioned the building as an attractive setting over the past three years. The scheme is fully let to a mix of renowned tenants such as Deutsche Bahn, REWE, dm and Check24. The purchase price was not disclosed.
Ulrich Holler, Chairman of GEG's Supervisory Board, said: “GEG continues its course of success and growth in the new shareholder structure with unchanged dynamics. With the acquisition of HELIO, the GEG portfolio will be expanded by a further top asset in an attractive business location.”
Saul Goldstein, ASG’s Founder and Managing Partner, commented: “This is a classic ASG turnaround story. We bought a neglected mixed-use building to realize the huge potential it offered through its excellent central location in Augsburg and the city’s strong prospects. Our modernization works have transformed the property to make it more accessible and welcoming, allowing us to attract long-term tenants - including household brands in the retail units. Project HELIO is now perfectly placed for ownership by GEG.”
