CA Immo sells land plot in Dusseldorf
Vienna, 21/12/2020 – In a joint sale together with the owner of the adjacent site, CA Immo have sold a 17,614 sqm land plot in Dusseldorf, with gross sale proceeds of € 61.9 m, corresponding to a premium of 146% above the Q3 book value of € 25.2 million. Closing is scheduled for the end of the first quarter of 2021.
The 17,614 sqm triangular shaped site is located in the eastern Oberkassel submarket of Dusseldorf. Though part of the larger BelsenPark development quarter, the site currently has no zoning nor any permitting. A non-binding development plan indicates majority of the expected buildable area to be residential use.
Keegan Viscius, Chief Investment Officer of CA Immo: "This highly successful sale represents another transaction as part of our strategic capital rotation program, where we seek to divest non-strategic assets where we can bring forward future profit in order to re-invest in our core activities in the office sector. The liquidity generated from the disposal will be redeployed, both, in our existing prime office development pipeline, as well as value accretive acquisitions of office properties across the risk spectrum from land, through to development projects and income producing properties.”
Christof Altendorfer, Head of Investment Management and Managing Director CA Immo Germany: “We have again successfully sold non-strategic sector development land at a material premium to book value. With an existing office portfolio in Dusseldorf, we continue to look for value accretive opportunities in the market where we can redeploy proceeds from this sale.”
BNP Real Estate and the law firm Pöllath + Partner acted as transaction advisors to CA Immo.