GE Buys 18 Office Assets in Germany for $185M

FRANKFURT-GE Real Estate Germany has acquired an 18-building, 947,224-sf office portfolio for $184.83 million (euros 140 million). The seller was HDI-Gerling Lebensversicherung AG, the insurance company acquired by the Talanx earlier this year.

The buildings are spread throughout West Germany. Twelve of the buildings are located in the top seven business districts: Berlin, Dusseldorf, Frankfurt, Hamburg, Köln and Munich.

The portfolio’s overall occupancy was not available. GE Real Estate has not yet responded to a Wednesday request for that and other details about the portfolio, such as the location and size of each of the building and a list of their largest tenants.

Germany’s economy is one of the largest in Europe and is currently experiencing a recovery after lagging for the past few years. The portfolio is the fifth acquired by GE Real Estate Germany in the past eight months.

“This recovery is already showing its effect on the key office markets, making it an ideal time for us to start building our exposure to this sector,” says GE Real Estate Germany’s managing director Rainer Thaler in a prepared statement.