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GE Buys Office Property Fund for US $547M

FRANKFURT-GE Real Estate Germany buys a 1.6 million-sf specialty property fund that includes 12 assets located in major financial centers in western Germany.

By Brian K. Miller | Updated on January 10, 2007

FRANKFURT-GE Real Estate Germany has acquired a 1.6 million-sf special property fund managed by Internationales Immobilien-Institut GmbH for $547 million (euro 420 million). The fund holds 12 office properties located in major financial centers across western Germany.

The office buildings are located in Frankfurt, Munich, Hamburg, Dusseldorf, Stuttgart, Bonn, and Karlsruhe. The properties have a strong investment-grade tenant base and long-term leases, according to GE.

GE Real Estate Germany’s managing director Rainer Thaler says the investment is the first sizeable commercial real estate transaction the company has made in Germany and also is its first foray into the regulated funds market. The fund provides “a base vehicle for future investments,” he says.

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