P+P advises GEG on acquisition of the Pressehaus on Alexanderplatz in Berlin

GEG German Estate Group AG, Frankfurt, has acquired two property units on Alexanderplatz in Berlin from Tishman Speyer (Karl-Liebknecht-Strasse 27-29): The historic Presse high-rise (16th floor with 24,200 sqm rental space) with the low-rise "Pressecafé" (1,200 sqm), which have already been redesigned and completely renovated. In 2021, the new construction "New Podium" (10,300 sqm on 6 floors) will be complete and there will then be a total of 35,700 sqm of rental space available. The total investment volume of this off-market transaction is approximately EUR 365 million. Both property units are already rented long-term to first-class tenants at almost 90% capacity.

The acquisition of the Pressehaus is GEG's first investment in Berlin; their assets under management thereby increase to EUR 3.6 billion.

P+P Pöllath + Partners advised GEG German Estate Group AG on all tax matters with the following team:

• Sören Reckwardt (lead, associated partner, tax law, Berlin)
• Dr. Hardy Fischer (partner, tax law, Berlin)
• Dr. David Hötzel (senior associate, tax law, Berlin/Munich)

The law firm HengelerMueller advised GEG on the civil law aspects of the acquisition