Frankfurt-based GEG German Estate Group has acquired two office assets in Düsseldorf and Mainz for a total volume of €140 mln.
The Karl-Arnold-Platz 1 (Kap-1) property in Dusseldorf was purchased for the GEG Deutschland Value I manage-to-core fund from German public pension fund Bayerische Versorgungskammer.
The second building is situated in Mainz’s old town and is completely let to Deutsche Bahn. It was acquired from a fund managed by KGAL GmbH & Co for the GEG Public Infrastructure I fund.
The Dusseldorf scheme, in the Kennedydamm submarket, has a total rental space of around 9,500 m2, of which around 70% is currently let. It comprises eight upper storeys and four lower storeys, with some 7,000 m2 of office space, around 2,500 m2 of showroom space, plus storage space and 186 underground parking spaces.
GEG said it would remarket the building to create added value and achieve full occupancy, renaming it Cabo.
CMS Hasche Sigle and Drees & Sommer advised GEG on the deal, while CBRE brokered the transaction.
Built in 1998 and modernised between 2016 - 2018, the Mainz property (pictured) comprises over 31,000 m2 of commercial space and 178 parking spaces. It is completely let to Deutsche Bahn on a long-term lease. The German railway operator has organised the space into offices, a staff canteen and a sublet restaurant.
Advising on the deal were BNP Paribas (broker), CMS Hasche Sigle, Frankfurt (legal advisor to the buyer), DLA Piper Frankfurt (legal advisor to the seller) and CBRE Preuss Valteq (technical advisor to the buyer).
Both GEG funds are administered by Service-KVG Hansainvest Hanseatische Investment. Notary Dr. Heiko Jäkel certified the two transactions.