GE REAL ESTATE BUYS IN AACHEN

[BIZ: Aachen, January 10]
With almost 40m housing units, Germany is the largest residential property market in Europe. The home ownership rate of 43% is very low compared with 80% in Spain, Greece, and Ireland. Housing is also said to be undervalued in Germany by 26%, according to OECD estimates. In the UK, by way of contrast, housing is overvalued by 33%.

GE Real Estate, the subsidiary of the American industrial giant General Electric, has bought a housing project for EUR 63m that includes locations in Aachen. They have acquired 13,093 housing units and four business locations for a private investor. The management of the project will be taken over by the HPE Hausbau Group.

Olivier Piani, President of GE Real Estate in Europe, says that the housing market is an important strategic focus for GE Real Estate in Germany. GE Real Estate employs 900 in 30 locations worldwide. It’s activities cover 18 countries in North America, Europe, and Asia, and it has property holdings worth more than EUR 30bn.
(Source Aachener Zeitung)
http://europe.gerealestate.com