Vienna-headquartered developer and investor CA Immo has sold two non-strategic land plots in Germany for nearly €66 mln.
In a joint sale together with the owner of the adjacent site, CA Immo has divested a 17,614 m2 land plot in Düsseldorf, generating gross sale proceeds of €61.9 mln, corresponding to a premium of 146% above the Q3 book value. Closing is scheduled for the end of the first quarter of 2021.
The 17,614 m2 triangular shaped site is located in the eastern Oberkassel submarket of the city. Though part of the larger BelsenPark development quarter, the site currently has no zoning nor any permitting. A non-binding development plan allocates the majority of the expected buildable area to residential use.
Keegan Viscius, chief investment officer of CA Immo: 'This highly successful sale represents another transaction as part of our strategic capital rotation programme, where we seek to divest non-strategic assets where we can bring forward future profit in order to re-invest in our core activities in the office sector.'
BNP Real Estate and the law firm Pöllath + Partner acted as transaction advisors to CA Immo for the Düsseldorf deal.
CA Immo has also sold a 6,000 m2 plot of land in Lübeck, next to the main railway station, to Citygrove for €3.8 mln. The price represents a premium to the book value (Q3-20) of more than 800%. A preliminary building application for a 7,000 m2 hotel has already been approved by the City of Lübeck. The scheme will have 188 rooms, and 56 above-ground parking spaces.
Christof Altendorfer, managing director and head of investment management CA Immo Germany, said: 'The sale of the property is not only at a significant premium to book value, but also completes the exit from a regional real estate market that is not in line with our strategy to focus on the top seven office real estate markets in Germany.'
BNP Real Estate and the law firm Goerg acted as advisors in the sale.
