Hamburg: Godewind buys Pentahof for €60mn

20/11/2018

Godewind Immobilien is buying the office complex Pentahof in Hamburg-Fuhlsbüttel. The net purchase price for the property on Suhrenkamp 71-77 with 24,747 sqm lettable space is €60.6mn or €2,449/sqm. The building near Hamburg airport earns annual net rental income of €2.95mn and is nearly fully leased to the Shell oil group. The WALT is 4.9 years. The rent per square meter of €9.41 is “well below current market rates”, says Godewind, who accordingly anticipates potential for value increases. The closing for the transaction is expected by the end of the year. Cushman & Wakefield advised on the deal. According to TD research, the seller is Officefirst, though none of the parties involved cared to comment on that fact. Godewind, which was founded only a year ago, intends to close further deals before the end of the year.


TD Premium

Subscribers to our premium service have access to this article in full as well as to an additional 480,000+ 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.