GEG puts out feelers in Berlin
The GEG German Estate Group, which acquired office buildings for almost €750mn last year, is aiming for a similar investment volume in 2019. GEG, founded four years ago, is mainly invested in Frankfurt, with nine properties there; CEO Ulrich Höller has intimated that his company might make its first Berlin acquisition this year – “We’re putting out feelers,” he said. GEG made its first sale a few months ago with the Global Tower project in Frankfurt to Hansainvest through a forward deal; Höller’s reasons for this early sale included his seeing no great upside potential in attainable prices until the planned completion in 2020. GEG has no further sales planned for the time being, apart from the planned serviced apartments and condominiums in Frankfurt’s Riverpark Tower.
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