CILON acquires property in Kassel from CA Immo
Frankfurt, 26.04.2021 -- CA Immo has sold an approximately 11,700 sqm commercial warehouse in Kassel-Bettenhausen, which is let on a long-term basis to the State of Hesse, to the Frankfurt-based investment manager CILON. The sale of the property, which is located in the immediate vicinity of the A7 motorway junction, was carried out after a structured bidding process as part of a share deal. The sales price is significantly higher than the current book value, with a premium of around 15%.
Christof Altendorfer, Managing Director and Head of Investment Management CA Immo Germany, explains: "With the sale of this property in Kassel, we are making a further exit from a regional property market that is not in line with our strategy. At the same time, we are generating additional liquidity with this sale, which we can invest - as part of our capital rotation programme - in high-quality office properties as well as in development or refurbishment projects."
Marco Ackermann, Head of Transactions at CILON GmbH, adds: "With this purchase, we were once again able to realise our goal of investing in economically strong locations in Germany. The property fits into our strategy of acquiring real estate with value enhancement potential for our portfolio and thus creating sustainable value. For 2021, we are planning further investments in the Rhine-Main region, but also in economically strong cities and regions in southern and western Germany."
The sale process was accompanied by the consulting firm Cushman & Wakefield.