GEG picks up Frankfurt office for €50m

Frankfurt-based GEG German Estate Group has purchased an office property in Frankfurt's Sachsenhausen district from BMO Real Estate Partners for around €50 mln.

The Palazzo Fiorentino asset, which includes 11,000 m2 of office space and 102 underground parking spaces, has been acquired for the manage-to-core-fund 'GEG Deutschland Value I', the fund manager said.

According to GEG, the deal was secured in a bidding competition.

All of the building’s office space is let to Bankhaus Metzler. The property was constructed in 2001 and comprises a ground floor plus six upper floors.

During the deal, the buyer was advised by Bögner Hensel & Partner (legal and tax) and CBRE (technical), while the seller was advised by JebensMensching (legal and tax).

CBRE brokered the transaction.

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