GEG acquires two German office properties for €140m

GEG German Estate Group has expanded its property property portfolio with two acquisitions, totaling approximately €140m. Karl-Arnold-Platz 1 (KAP1) in Dusseldorf’s Kennedydamm submarket was acquired from Bayerische Versorgungskammer, while the second office property, located in Mainz, was purchased from a fund managed by KGAL GmbH. KAP1 offers 9,500 sqm of leasable space, 70 percent of which is currently occupied, and 186 underground parking spots. The Mainz property features 31,000 sqm of space on five floors as well as 178 parking spots. It is fully leased to Deutsche Bahn AG.


Photo: Nicolas Janberg