GE Real Estate, the real estate arm of US conglomerate GE, has continued its real estate wind-down with the exit of a Berlin office complex to Patron Capital, for an undisclosed price.
Patron, the London-based private equity real estate firm, has acquired the 550,000 square foot office complex as part of a joint venture with its local development partner Suprema.
The office complex, which comprises three adjoining buildings on Franklinstrasse and Salzufer, is currently vacant and was formerly let to the Technical University of Berlin. It is located in a central location in Berlin’s City West area, adjoining Ernst-Reuter-Platz.
“With its excellent macro and strong micro location, this building represents a unique redevelopment opportunity. Buildings with large floorplates and competitive rents are in high demand in Berlin’s City West area and we are already seeing strong tenant interest,” commented Christoph Ignaczak, investment director at Patron Capital.
GE’s sale to Patron follows on from the firm’s $23 billion deal with the Blackstone Group and Wells Fargo in April – which saw the pair acquire the majority of GE’s real estate assets.
Patron is currently investing out of Patron Capital Fund IV, which was more than two-thirds invested as of July last year, a fund which attracted €780 million of commitments from limited partners as well as €320 million of co-investment capital back in 2012.