CA Immo has sold the long-distance bus station and the multi-storey car park at Frankfurt Central Station. The sale was realized at a premium to the added book values.
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CA Immo has sold the long-distance bus station and the multi-storey car park at Frankfurt Central Station. The sale was realized at a premium to the added book values.
The sale is in line with CA Immo's portfolio and investment strategy of concentrating exclusively on high-quality Class A office buildings in central locations and selling 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 House in Berlin. At the same time, with this transaction we are completing the sale of the last multi-storey car park in the 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 owner of the entire site, as was the neighbouring InterCityHotel. Originally, CA Immo pursued the goal of building an office high-rise on the site of the multi-storey car park. For many years, the property has been part of Frankfurt's high-rise master plan under the project name "Campanile", which provides for the construction of a 160-200 metre high office high-rise with a gross floor area of up to 85,000 m² at this point. However, due to delays in the political decision-making process on the high-rise master plan, considerable uncertainties in connection with Deutsche Bahn AG's conversion and development plans for Frankfurt Central Station and changes in the economic conditions, CA Immo no longer sees any basis for a high-rise development at this location that makes sense from a real estate point of view. Against this background, the decision to sell the property and the uses on it was made.
The multi-storey car park with 349 car parking spaces extends over 11 mezzanines and has a spacious bicycle garage on the ground floor. It is located on a plot of around 4,100 m² on Stuttgarter Strasse on the south side of Frankfurt Central Station. The immediately adjacent Frankfurt long-distance bus station is located on a plot of around 1,200 m² and is leased on a long-term basis to Flixbus as the operator of the station.
BNP Paribas Real Estate GmbH acted as intermediary in the sale and McDermott Will & Schulte Rechtsanwälte Steuerberater LLP acted as legal agent for CA Immo.
