CA IMMO sells extensive land reserves in Berlin (DE)

Two transactions worth around €25.2 mln have been contractually agreed.

CA Immo is selling a package comprising various sites in Berlin to the Berlin-based Groth Group for approximately €12 mln; in addition, another site in the Europacity district of the city will be sold to the transmission system operator 50Hertz for a total investment price of €13.2 mln.

The package sold to the Groth Group, which specializes in residential properties, comprises two development areas: the site in Lichterfelde-Süd and the Flottwell Living project at the new Gleisdreieck park in Berlin, both of which have strong potential for residential construction across a combined surface area of 975,600 m².

Meanwhile Europacity, the district developed by CA Immo, has attracted another company: 50Hertz, the transmission system operator responsible for northern and eastern Germany. 50Hertz plans to construct a new corporate headquarters to accommodate up to 600 employees on the centrally located, 8,145 m² site opposite Berlin's main station.

According to Dr. Bruno Ettenauer, Chief Executive Officer of CA Immo, "These sales are an extension of our portfolio strategy. While focusing on office properties, we continue to pursue our aim of significantly reducing the proportion of development sites, which we call the land bank, in the portfolio".

Source: CA IMMO

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