In a joint sale with the owner of the adjacent property, CA Immo has sold a 17,614 square meter property in Düsseldorf with gross proceeds of 61.9 million euros, which corresponds to a 146 percent premium over the Q3 book value of 25.2 million euros . The closing is scheduled for the end of the first quarter of 2021.
The 17,614 square meter triangular property is located in the eastern Oberkassel submarket of Düsseldorf. Although it is part of the larger Belsenpark development district, the property currently has neither a development plan nor a building permit. A non-binding development plan shows a large part of the building area to be expected for residential use.
Keegan Viscius, Chief Investment Officer (CIO) of CA Immo: “This very successful sale represents another transaction as part of our strategic capital rotation program in which we seek to dispose of non-strategic assets that we can bring forward future profits to in Reinvest our core activities in the office sector. The liquidity generated from the sale will be invested in our existing first-class office development pipeline as well as in value-adding acquisitions of office properties across the entire risk spectrum – from land to development projects to high-yield properties. “
BNP Paribas Real Estate and the law firm Pöllath + Partner acted as transaction consultants for CA Immo.
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