FRANKFURT-GE Capital Real Estate and REIT Asset management have formed a joint venture to acquire a portfolio of 25 retail and mixed use properties, spread throughout Western Germany, for over €51 million ($46 million). The joint venture represents GE Capital and REIT’s first partnership in Germany.

REIT Asset Management will act as operating partner and manager for the portfolio, which is mainly made up of town centre supermarkets, mostly built over the last 20 years

Kendall Young, Regional Director for Germany and Central Europe for GE Capital Real Estate said: ‘This transaction is a clear illustration of our commitment to the German real estate market. It both supports our strategy to work with joint venture partners in local markets and represents a strong addition to our existing portfolio base in Germany.’

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