A special fund belonging to a German pension provider has acquired a portfolio of 21 commercial properties from Gateway Real Estate, the Frankfurt-listed developer of commercial and residential real estate, for €242 mln.
The office and retail properties are all situated in 'good downtown locations in Germany', according to the vendor.
'The sale of this portfolio is part of our strategic focus on project development for offices and downtown commercial properties,' said Manfred Hillenbrand, Gateway's CEO.
Gateway, which is headquartered at Frankfurt airport, concentrates on the top seven locations in Germany. The firm currently has a project development pipeline of around €5 bn.