GEG German Estate Group is investing 鈧�365m to acquire two office properties in Berlin from .
The manager said it has bought the 24,200sqm Pressehaus building and the 10,300sqm New Podium building on Berlin鈥檚 Alexanderplatz. Both buildings are already 90% let on a long-term basis, GEG said.
Tishman Speyer will be responsible for the completion of the New Podium new building between now and 2021.
Ulrich H枚ller, chairman of GEG鈥檚 management board, said: 鈥淲ith this investment at Alexanderplatz, one of the Berlin鈥檚 top locations with a view to the future, we now have our first presence in the capital 鈥� and we intend to seek further opportunities here.鈥�
Established in 2015, GEG is backed by Frankfurt-based TTL Group and US private equity firm KKR. The acquisition of the Pressehaus is GEG鈥檚 first investment in Berlin. Following the transaction, GEG鈥檚 assets under management rise to 鈧�3.6bn.
Florian Reiff, managing director at Tishman Speyer, said: 鈥淥ur work on the Pressehaus in Berlin adds to our excellent track record of adding value to landmark properties here in Germany.鈥�
Investment manager Tishman Speyer acquired the Pressehaus building in September 2016.
鈥淭his deal is the latest in a line of value-creating transactions for our investors in Germany and we see no shortage of opportunities to add to these in the coming months and years,鈥� Reiff said.
