Office-focused investor, manager and developer CA Immo and its joint venture partner Mainzer Stadtwerke have sold the Rheinwiesen III residential plot in Mainz, Germany.
Financial details were not disclosed. However, CA Immo said that the sale was concluded at a significant premium to the current book value.
The approximately 3,500 m2 site was divested to a joint venture of BWL Wohnbaugesellschaft and Mainzer Volksbank.
The property has building rights for around 8,000 m2 of floor space.
Christof Altendorfer, managing director and head of investment management at CA Immo Germany said: 'Despite the current challenging market environment, the successful sale of the Rheinwiesen III property once again underlines the attractiveness and resilience of our Zollhafen Mainz quarter development for local, regional and national developers.
'The sale of this residential property with building rights is in line with our consistent, strategic focus on the realisation and maintenance of high-quality office properties.
BNP Paribas Real Estate acted as advisor to CA Immo and Stadtwerke Mainz.
