GEG buys Japan Center in Frankfurt for €280m
GEG German Estate Group, privately held by the domestic Deutsche Immobilien Chancen group and U.S.-based investor KKR, has purchased the Japan Center in Frankfurt CBD for €280 million ($333 million). The seller was the open-ended real estate fund Hausinvest sponsored by Commerz Real, the asset management division of Commerzbank.
“We are in the process of optimizing our portfolio from a strategic stance, and have utilized the strong demand for premium properties in 1A locations to attain a very good result for our investors,” said Andreas Muschter, Commerz Real chairman. “We have fulfilled the prerequisites for achieving this added value in the past 18 months with the repositioning of the property and a complete change in the tenant mix through to full occupation.”
The office tower totals 312,000 square feet spanning up 28 stories. It is fully let under long-term contracts.
Founded in 2015, GEG focuses on institutional business, opportunistic investment