GEG German Estate Group has acquired two properties in Germany for a total of c.€140m. The first asset, the Karl-Arnold-Platz 1 (KAP1) in Dusseldorf, was purchased from Bayerische Versorgungskammer. The second building, situated in Mainz’s old town on the banks of the Rhine, was acquired from a fund managed by KGAL GmbH.
Located in Dusseldorf's most dynamic submarket Kennedydamm, KAP1 has a total rental space of approx. 9,500m², around 70% of which is currently let. The rental space includes almost 7,000m² of office space, around 2,500m²m of showroom space, plus storage space and 186 underground parking spaces. The building was planned in 2003 by pinkarchitektur and impresses above all with three quality features: an excellent geographical location between the city centre and the airport, an outstanding layout, and very good divisibility. The tenants include renowned management consultancies and prestigious fashion designers.
The second office property situated in the heart of Mainz’s city centre also boasts both excellent visibility and ideal accessibility. Built in 1998 and comprehensively modernised during the years 2016 to 2018, the five-floor building has over 31,000m² of flexible and modern rental space, and 178 parking spaces. It is completely let to Deutsche Bahn AG on a long-term lease.
