DEGI Deutsche Gesellschaft fuer Immobilienfonds mbH has sold properties in Hamburg, Munich and Berlin worth €142 million to RFR-Holding Group.
As part of its active portfolio management strategy DEGI Deutsche Gesellschaft fuer Immobilienfonds mbH has sold three office and commercial properties in Hamburg (Kaufmannshaus), Berlin (Kurfuerstendamm) and Munich (Maximilianstraße) with usable space of between 3,000 and 23,000 m² from its GRUNDWERT-FONDS for a total of € 142 million to the RFR-Holding Group, a New York-based real estate company whose partners, Aby Rosen and Michael Fuchs, originate from Frankfurt.
Some of the properties had been owned by GRUNDWERT-FONDS for well over ten years. The disposal represents a further step in DEGI's strategic realignment aimed at shifting the focus of the fund to Europe, whereas RFR is pursuing its objective of expanding its real estate portfolio in Germany by adding high quality properties. The resulting resources will soon be reinvested by GRUNDWERT-FONDS in properties in Europe (outside Germany).