German property firm Godewind Immobilien has announced the acquisition of two office buildings in Frankfurt and Hamburg in a share deal worth a total €205 mln.
The assets, with a total rental space of around 74,500 m2, currently generate a rental income of around €9.4 mln per year with a vacancy rate of 21%. The deals reflect a gross initial yield of 4.6%.
Godewind is planning to actively manage the assets increasing the occupancy rate across the two buildings. The average remaining term of the leases is 5.6 for the Frankfurt property and 3.0 years for the Hamburg asset.
Closing of the transaction is expected by the end of April 2019 at the latest.
