Godewind buys Zeughausquartier in Hamburg and Y2 in Frankfurt
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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