Ge Real Estate Invests 6.5 Billion Euro In Real Estate Across Europe During 2007

GE Real Estate investment company, one of the owners of Mall Sofia, invested 6.5 billion euro in the European property market during 2007, including 2.6 billion euro in land portfolios and 3.9 billion euro in equity investments, PropertyEU reports.

The total value of GE Real Estate's assets in Europe reached 14.8 billion euro.

Among the company’s most significant real estate transactions during the second half of 2007 were:

- the acquisition of a commercial property loans portfolio from Bradford & Bingley at a cost of 2.7 billion euro;
- the acquisition of a 205 million euro mixed-use portfolio in East Germany;
- a joint venture acquisition with Pirelli RE and Calyon of a portfolio of non-serviced loans in Italy with a gross book value of 2.6 billion euro.
Last year the company struck its first investments in Romania and Russia, where it poured 33.6 million euro in Heitman Russia Property Partners fund, aimed at developing new projects and refurbishing existing buildings throughout the country.

GE Real Estate also joined the US-based Tishman International for the development of the 250 million euro Sofia Airport Center project and said that they might open an office in Bulgaria or Romania this year.

Yesterday (February 27) the company officials announced that GE Real Estate bought a 33 million euro 18-storey business building in Frankfurt’s centre with 10 000 sq m of office space.

GE Real Estate also joined the US-based Tishman International for the development of the 250 million euro Sofia Airport Center project and said that they might open an office in Bulgaria or Romania this year.