CA Immo sells hotel project development in Lubeck

Berlin, 22/12/2020 – CA Immo has sold an approx. 6,000 m² plot of land in Lubeck, in the immediate vicinity of the main railway station, to Citygrove at a more than 800% premium to the book value (3rd quarter 2020, approx. €0.4m according to IAS 2 accounted at historical cost). The realization of a hotel with a gross floor area of around 7,000 m² is planned for the property. A preliminary building application has already been approved by the City of Lubeck.

Christof Altendorfer, Managing Director and Head of Investment Management CA Immo Germany, explains: "The sale of the property is not only at a significant premium to book value, but also completes the exit from a regional real estate market that is not in line with our strategy to focus on the top 7 office real estate markets in Germany. We are pleased that Citygrove will take over the realization of the project. We wish much success."

The project, for which a preliminary building application by CA Immo has already been approved by the City of Lubeck, envisages the development of a hotel with 188 rooms and 56 above-ground parking spaces.

BNP Real Estate and the law firm GOERG acted as advisors in the sale.