The quintet of Dusseldorf properties was developed between 1990 and 1995. According to GE Real Estate Germany managing director Rainer Thaler, the properties "present a number of new tenant asset management opportunities from which GE hopes to drive further capital and income growth." Totaling 190,000 sf, the buildings feature a mix of office and retail space.
The Stamford, CT-based GE's Dusseldorf investments exemplify its desire to do repeat business with local investors and developers, Thaler explains. His company previously acquired an office portfolio from the same seller in 2006.
GE now has in excess of $500 million invested in the Dusseldorf market, reflective of a platform that aims to secure holdings in Germany's top commercial markets. Sporting 2.6 million people in Western Germany, Dusseldorf as an economy feeds off advertising and fashion sectors, but the city has more recently become a haven for telecommunications businesses, attracting the likes of Ericsson, NIT and Nokia.
GE has previously invested in Hamburg as well, gaining entry in a major way earlier this year when it acquired a dozen office properties there and other major German cities. "This is both a tactical and strategic acquisition that provides us with a strong asset in an improving submarket where we are particularly keen to increase our exposure," Thaler says.
The two-year old, first-class building is located in Hamburg's Altona district on a site where Kuhne once produced its famous line of delicatessen items. Today, the area is a high-level office enclave, with the GE property leased to a roster of internationally known firms, including Oracle and HansaLeasing, a subsidiary of CommerzLeasing.
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