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GE Real Estate Picks Up 310,000 SF in Germany

HAMBURG, GERMANY-In separate buys, the US real estate firm pays $34 million for an office building here and then closes on five office and retail properties in Dusseldorf.

By Joe Clements | Updated on September 06, 2007

HAMBURG, GERMANY-GE Real Estate has boosted its investment presence in Germany to $1.63 billion through a pair of purchases, one an office building here and the other a portfolio of mixed-use properties in Dusseldorf. The five-story, 120,000-sf office building was acquired for $34 million from HIH Hamburgische Immobileenhandlung GmbH, a leading German institution.

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.

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