GE Real Estate has purchased an 18-storey office building in Frankfurt from a private seller for €33m (£24.8m).
The purchase of the 107,640 sq ft office formerly occupied by Dresdner Bank in the centre of Frankfurt, comes on the same day that GE revealed it had spent $9.7bn (£4.9bn) across Europe in 2007. This includes $3.9bn (£1.97bn) of debt and $5.8bn (£2.93bn) of equity.
GE has remained one of the more bullish investors in Europe since the global credit crunch slashed investment volumes from late summer 2007. GE’s spending in 2007 has brought the total value of its assets in Europe to $22bn (£11.1bn).
The office at Bleichstrasse 64-66 can be configured for either single tenant use or multi-tenant use.
GE was advised by NAI Apollo on the purchase.