CA Immo has sold the long-distance bus station and car park at Frankfurt Central Station. The sale of the two properties was realised at a premium to the combined book values.

The sale is in line with CA Immo's portfolio and investment strategy of focusing exclusively on high-quality Class A office buildings in central locations and systematically divesting non-core assets.

Hedwig Höfler, Group Head of Investment Management at CA Immo: "The transaction is another logical step in the implementation of our portfolio strategy. With the sale of these non-core assets, we are strengthening our capital allocation and creating additional scope for investments in our core business – modern, sustainable Class A office properties in central European metropolitan locations. This also includes our current project developments such as the Anna Lindh Haus in Berlin. At the same time, this transaction marks the sale of the last parking garage in our German portfolio."

Both properties, which have now been sold at a profit as part of the portfolio streamlining, were developed and realised by CA Immo as the landowner of the entire site, as was the neighbouring InterCityHotel. CA Immo's original plan was to eventually construct an office tower on the site of the parking garage. For many years, the site has been part of Frankfurt's high-rise framework plan under the project name "Campanile", which envisages the construction of a 160-200 metre office tower with up to 85,000 sqm of gross floor area at this location. However, due to delays in the political decision-making process regarding the high-rise framework plan, considerable uncertainties in connection with Deutsche Bahn AG's renovation and development plans for Frankfurt Central Station, as well as changed economic conditions, CA Immo no longer sees a basis for a high-rise development at this location that would make economic sense. Against this background, the decision was made to sell the site and the properties located on it.

The parking garage, which offers 349 parking spaces, spans 11 levels and features a spacious bicycle garage on the ground floor. It is located on a 4,100 sqm plot of land on Stuttgarter Strasse on the south side of Frankfurt Central Station. The directly adjacent Frankfurt long-distance bus station is situated on a plot of approximately 1,200 sqm and is leased on a long-term basis to Flixbus as the operator of the station.

BNP Paribas Real Estate GmbH acted as broker for the sale, while McDermott Will & Schulte Rechtsanwälte Steuerberater LLP provided legal services to CA Immo.