Frankfurt: Godewind buys City Gate for €85mn

23/05/2019

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.


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