German developer sells €242m portfolio

German developer Gateway Real Estate has sold a portfolio of 21 commercial and retail properties. The buyer of the portfolio is a special fund of German pension funds. The purchase price was €242 million ($268 million). All properties are located in good inner-city locations in Germany.

“The sale of this portfolio of existing properties is part of our strategic focus on the project development of office properties and inner-city commercial buildings. The proceeds from the sale will enable us to continue this growth in a targeted manner,” said Manfred Hillenbrand, CEO of Gateway Real Estate.

Gateway Real Estate AG concentrates on the top seven locations in Germany and currently has a project development volume of €5 billion ($5.5 billion).