The Berlin Senate gave approval on 20 March for the sale of the city's publicly-owned commercial landlord, Gewerbesiedlungs-Gesellschaft mbH (GSG), Berlin, to a joint venture between ORCO Property Group and a fund managed by Morgan Stanley Real Estate. The sale is stil subject to the approval of the Berlin Parliament and the merger control clearance. GSG is a subsidiary of the Investitionsbank Berlin (IBB) and is the largest provider of commercial rental space of the German capital. GSG's portfolio comprises some 800,00 m[sup]2[/sup] of commercial space. The transaction, led by Orco Germany has a volume of approximately EUR 400 mln.
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