German REIT Fair Value Immobilien has sold the Airport Office II property in Düsseldorf, Germany, for over EUR 15 mln. The new property, located in the vicinity of Düsseldorf International Airport's terminal building, was sold to an unnamed group of Spanish investors. Fair Value took over the development of the building in October 2007.
German REIT Fair Value Immobilien has sold the Airport Office II property in Düsseldorf, Germany, for over EUR 15 mln. The new property, located in the vicinity of Düsseldorf International Airport's terminal building, was sold to an unnamed group of Spanish investors. Fair Value took over the development of the building in October 2007.
The company said the sale generates net profit of EUR 1 mln. The fully-let property will be transferred by December 30, 2008.
'The location and the anticipated demand from tenants convinced us from the very outset. That is why we bore the entire rental risk for this property ourselves when we acquired it. Back in September 2008, just three months after its completion, contracts were already concluded for all of the office space and parking lots,' said Frank Schaich, Fair Value REIT's CEO.
Jones Lang LaSalle advised Fair Value in the letting and sale of the property.
