Hamburg: Godewind buys Pentahof for €60mn
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.
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