The DIC Group is one of the leading investors in the German market for commercial real estate

Press Release

GEG acquires the “Pressehaus” building on Berlin’s Alexanderplatz, from Tishman Speyer

Frankfurt, 01.04.2019

• Total investment of approximately €365 million
• Latest lease signed with The Office Group on 10,000 sqm
  

GEG German Estate Group AG, Frankfurt/Main, has acquired two properties in Berlin's landmark "Alexanderplatz" square (Karl-Liebknecht-Strasse 27-29), from Tishman Speyer. The first is the historical high-rise “Pressehaus” building (16 upper floors and a rental space of 24,200 sqm) including the flat-roofed “Pressecafé” building (with a rental space of 1,200 sqm), both redesigned and completely revitalised. Then with the addition of the “New Podium” building   (10,300 sqm spread across 6 upper floors), scheduled for completion in 2021, total rental space will amount to 35,700 sqm. The total investment of the off market transaction amounts to approximately €365 million.

Both buildings are already 90 per cent let on a long-term basis to first-class tenants. Tishman Speyer just leased another 10,000 sqm of space in the “New Podium” to The Office Group, a provider of flexible office solutions.

The landmark property, which is situated directly on Alexanderplatz and boasts excellent visibility, will soon be incorporated into GEG’s portfolio. Tishman Speyer will be responsibile for the completion of the “New Podium” new building between now and 2021. The space currently still available on the ground floor of the “Pressecafé” building is intended for retail and restaurant use, while the upper floors will be let as office space.

The acquisition of the Pressehaus is GEG’s first investment in Berlin. Following the transaction, assets under management rise to €3.6 billion.

History of “Pressehaus”
The building today known as “Pressehaus” was constructed during the GDR era in the years 1970-1973. Formerly known as “Haus des Berliner Verlags”, its goal was to leave a mark in the redesign of the Alexanderplatz. Until 2017, it was the head office of publishing house Berliner Verlag, which also comprises Berliner Zeitung and Berliner Kurier. During the GDR era, the flat-roofed building in front hosted the “Pressecafé”, a meeting point for journalists. The “Pressehaus” has been a listed building since 2015.
 
The buyer was advised by HengelerMüller and Drees & Sommer; Freshfields advised the seller.

“With this investment at Alexanderplatz, one of the Berlin’s top locations with a view to the future, we now have our first presence in the capital – and we intend to seek further opportunities here”, says Ulrich Höller, Chairman of GEG's Management  Board.

Florian Reiff, Senior Managing Director at Tishman Speyer, commented: “Our work on the Pressehaus in Berlin adds to our excellent track record of adding value to landmark properties here in Germany. This deal is the latest in a line of value-creating transactions for our investors in Germany and we see no shortage of opportunities to add to these in the coming months and years.”

About GEG German Estate Group AG:
Based in Frankfurt/Main, GEG German Estate Group AG maintains one of the leading German investment and asset management platforms for commercial real estate. Its investment focus and policy are concentrated on three segments: Institutional Business, Opportunistic Investments, and Project Development. Since its establishment in 2015, and within the framework of this clearly-defined strategy, GEG has consistently pursued opportunities to build an extensive and diversified real estate portfolio, comprising some €3.6 billion in assets under management, distributed over the whole of Germany.

Besides landmark properties such as the IBC Campus, luxury hotel Villa Kennedy and the Japan Centre in Frankfurt/Main, the portfolio comprises the Sapporo Circle in Munich, as well as developments such as the MainTor city quarter, the Global Tower and the RIVERPARK Tower in Frankfurt, along with the Opera Offices in Hamburg and the "Junges Quartier Obersendling" development in Munich.

The long-standing track record and outstanding reputation of senior management, together with a highly qualified and experienced team, provide the foundation for a leading market position. The two shareholders of GEG German Estate Group AG are Frankfurt-based TTL Group and KKR Kohlberg Kravis & Roberts, a leading global investment house with exposure to asset classes such as private equity, infrastructure, as well as real estate. Ulrich Höller is Chairman of GEG's Management  Board.

More detailed information about GEG is available on www.geg.de.

About Tishman Speyer:
Tishman Speyer is a leading owner, developer, operator and fund manager of first- class real estate around the world. Founded in 1978, Tishman Speyer is active across the United States, Europe, Latin America and Asia, building and managing premier office, residential and retail space in 28 key global markets for industry- leading tenants. The firm has acquired, developed and operated a portfolio of over 167 million square feet with a total value of approximately US $88 billion spread over 406 assets. Signature assets include New York City's Rockefeller Center,  São Paulo's Torre Norte, The Springs in Shanghai, Lumière in Paris and OpernTurm in Frankfurt. Tishman Speyer currently has projects at different stages of development in Boston, Brasília, Frankfurt, Gurgaon, Hyderabad, Los Angeles, New York City, Paris, Rio de Janeiro, San Francisco, São Paulo, Shanghai, Shenzhen and Washington, DC. The firm also operates portfolios of prominent office properties in Berlin, Chicago and London.  

For more information, visit tishmanspeyer.com and find us on social media @tishmanspeyer.

Media contacts:

GEG:
Haussmann Pfaff Kommunikation
Höchlstrasse 2
81675 Munich, Germany
Phone: +49 89 99249650
Mobile: +49 172 8312923
kontakt@haussmannpfaff.de


Tishman Speyer:
Germany:
Tom Zeller, Feldhoff & Cie. GmbH
Telephone: +49 (0)69 2648677-15
Mobile: +49 (0)176 10430063
E-mail:  tz@feldhoff-cie.de

Europe:
Richard Holloway, Gelso Consulting Limited
Telephone: +44 7342 023 763
E-mail: richard.holloway@gelso.co.uk

USA:
Rick Matthews, Rubenstein Communications
Telephone: + 1 (212) 843-8267

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