KKR Said Planning to Invest EU5b in German Property

KKR & Co. plans to invest about 5 billion euros in German real estate over five years through its GEG joint venture with Deutsche Immobilien Chancen-Gruppe, according to a person with knowledge of the plans. * KKR will initially own 25% of GEG, with stake growing to 50%, the person said, declining to be identified because the matter is private * DIC Gruppe to become a holding company owning stakes in GEG and publicly traded DIC Asset AG, the person said * KKR and DIC Gruppe to start GEG German Estate Group joint venture, both companies said in a statement today * Ulrich Hoeller, DIC CEO, will become GEG CEO: statement * A spokesman for KKR in Frankfurt declined to comment * Reuters reported the amount of planned investment earlier NOTE: KKR Planning German Unit to Buy and Build Commercial Properties

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