The DEGI Deutsche Gesellschaft für Immobilienfonds mbH has sold an office and commercial building in downtown Hamburg along with a superstore in Cologne-Pesch to the Frankfurt based RFR-Holding Germany, a subsidiary of RFR-Holding, New York.
The Alster Arcades in Hamburg, which were built in 1904, with approximately 8,600 m² total rental space and the superstore from 1973 in Cologne with approximately 27,300 m² total rental space have been in the portfolio of the GRUNDWERT-FONDS since 1983 or 1995 respectively. With this transaction, the DEGI has achieved a considerable profit in comparison to the last determined valuations for both objects.
This sale is a part of the GRUNDWERT-FONDS´ active portfolio management strategy. As early as June, the DEGI had already taken advantage of the favourable market situation in London to part with realty in the Chancery Lane, which no longer matched the investment profile, for a purchase price of €30 million. DEGI intends on increasing the share of non-German European properties of the GRUNDWERT-FONDS up to 40% in the mid-term.