Frankfurt: Godewind buys City Gate for €85mn
Godewind is acquiring the City Gate in Frankfurt from the HRO Group for €85mn in an asset deal. The gross initial yield is around 4.5%. The 28-story office tower is located on a 3,600 sqm site at Nibelungenplatz in Frankfurt’s Nordend district. The property has 23,308 sqm of total lettable space, occupied primarily by state institutions, public-sector companies and other service providers. The vacancy rate is 13.4%. The office tower was modernized in 1993 and 2018. It has 165 parking spaces underground and 28 outdoors. The transaction is expected to close in the 3rd quarter. CBRE was exclusively mandated with the marketing and sales process. Clifford Chance advised the seller on legal matters.
Subscribers to our premium service have access to this article in full as well as to an additional 510,000+ news items: all filterable by topic, company, asset class, city or keyword. In TD Premium you can search for investment deals, leases, current project developments and company news with pinpoint accuracy.
TD Premium is Germany’s leading property information tool that interconnects news, transactions, project data, market and company information in a unique and flexible system.