Godewind buys Zeughausquartier in Hamburg and Y2 in Frankfurt

12/12/2018

Godewind Immobilien’s buying spree continues. The listed company is reporting an asset deal with two office properties in Hamburg and Frankfurt for a total price of €205mn. Annual rental income adds up to €9.4mn, resulting a gross initial yield of 4.6 %. CBRE advised the seller. According to TD research, one of the assets is the office section of the Quartier am Zeughaus in Hamburg-Eppendorf, the other is the Y2 in Frankfurt’s Mertonviertel, sold by Blackstone subsidiary Officefirst. The property in Hamburg with nearly 45,000 sqm has a vacancy rate of 10.6 % and average remaining lease terms of three years for €12.90/sqm. In Frankfurt, the 30,000 sqm office space are 35.7 % vacant, with average remaining lease terms of 5.6 years and an average rent of €11.20/sqm. Godewind accordingly sees a lot of potential for reducing vacancy and increasing rents with new contracts by 2021. Godewind has now arranged acquisitions for €560mn since mid-October.


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