Rodamco Europe has agreed to divest 'Zeilgalerie' shopping center in Frankfurt, Germany to Signature Capital, an Irish based real estate company, for EUR 42.5 mln. The selling price represents a net initial yield of 5.3% and is 'well above latest book value', Rodamco Europe said in a press release.
Rodamco Europe has agreed to divest 'Zeilgalerie' shopping center in Frankfurt, Germany to Signature Capital, an Irish based real estate company, for EUR 42.5 mln. The selling price represents a net initial yield of 5.3% and is 'well above latest book value', Rodamco Europe said in a press release.
The 'Zeilgalerie' is situated on the Zeil, the prime pedestrian retail high street in the heart of Frankfurt and consists of 57 retail units with a total gross lettable area of approximately 12,600 m². The transaction is expected to take effect from end February 2007.
The sale is in line with Rodamco Europe's policy of divesting non-core investments. The 'Zeilgalerie' shopping center is considered non-core, due to its relatively small size and third party management.
Rodamco Europe is the largest publicly listed property investment and management company in the European retail sector.
