Düsseldorf: Godewind acquires Herzog-Terrassen for €140mn
Godewind Immobilien is acquiring the Herzogterrassen office property in downtown Düsseldorf as an asset deal in an off-market transaction. The purchase price is €140mn, averaging around €2,513/sqm for the property’s 55,717 sqm of total lettable space. The property had belonged to Blackstone and had been managed by Officefirst. JLL advised the seller; the buyer was advised by the law firm Goodwin. The building stands on a 16,300-sqm plot. Godewind sees considerable upside potential in the property: which currently has a vacancy rate of around 45.4% and an annualized rental income of around €6.7mn, resulting about 4.8% in gross initial yield. The leases will run for another 6.5 years on average, with rents of €19.10/sqm, below average for the location.
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