The Frankfurt Real Estate Industry team advised longtime client Godewind Immobilien AG on its acquisition of office complex, “Herzog-Terrassen,” in Düsseldorf for €140 million. The transaction, which was executed in an asset deal, is expected to close by the end of April 2019.
“Herzog-Terrassen” is in the district of Friedrichstadt and is located on an area of around 16,300 square meters and comprises a total rental space of around 55,700 square meters as well as 962 underground parking spaces. The vacancy rate is currently around 45.4 percent and the annual rental income amounts to around €6.7 million.
Godewind Immobilien AG is a real estate company based in Frankfurt that specializes in German commercial real estate. Shares of Godewind are traded on the Prime Standard of the Frankfurt Stock Exchange. Including this latest acquisition, Godewind holds a portfolio of office properties with a total value of approximately €740 million.
Goodwin has been regularly advising Godewind on real estate transactions for several months. The "Herzog-Terrassen" is the seventh property to be acquired by Godewind with the assistance of Frankfurt Real Estate Industry partner Marc Bohne, senior associate Vivien Jöst and associate Gleb Lidman. In 2018, the team represented Godewind on the acquisition of the "Sunsquare" office complex in Kirchheim near Munich, an office property near Düsseldorf Airport and several office buildings in Hamburg.