Austrian listed property firm CA Immo and joint venture partner Mainzer Stadtwerke have sold the so-called Hafeninsel I and Marina construction sites in Mainz, Germany, to LBBW’s real estate development arm.
Although the transaction price was kept confidential, CA immo said the sales price is ‘significantly higher’ than the assets’ appraised value at end-September 2020.
The land plots allow for the construction of 13,250 m2 of residential and commercial facilities.
The plots are part of the new Zollhafen Mainz quarter which is being redeveloped by CA Immo and its partner to offer living space for around 2,500 people complemented by retail facilities.
The closing of the transaction is scheduled for the first quarter of 2021.
BNP Paribas Real Estate acted as advisor in the transaction.
