Degi: Grundwert Fund sells three office and business buildings
The Grundwert (or Basic Value) Fund, an open property fund of the company Degi, has sold a package of three office and business buildings to the US property firm RFR Holding, New York, for €142mn. The properties sold include three office and business buildings in Hamburg (Kaufmannshaus), Berlin (Kurfürstendamm, colloquially Ku'damm), and Munich (Maximilian Street) with usable area between 3,000 and 23,000 m². In part, the properties were in the Grundwert Fund for over ten years. Sales revenue is to be invested abroad, according to Degi. German stake in the fund should be driven back. At the same time, RFR is further enlargening its German portfolio.