Catella closes one of the largest transactions on the Dusseldorf market in 12 months (DE)

Catella has, in partnership with CODIC Immobilien und Projektentwicklung Beteiligungs GmbH, revitalized and extended C&A's headquarters at Quartier (n) by the Dusseldorf Airport. C&A has closed a new long term lease and Catella has fulfilled the exclusive sales mandate received by the owner, Generali Deutschland Immobilien GmbH. The buyer is one of WealthCap's closed funds, at a price of approximately €100 million.

At a value of approximately €100 million, the sale is one of the largest transactions carried out on the Dusseldorf market in the last 12 months. Apart from being large, the transaction was also complex, as it involved arranging contracts not only between seller and buyer, but with developers, officials and financiers as well. In total, negotiations have taken close to 12 months.

Klaus Franken, Managing Director at Catella in Germany comments, "Catella specializes in finding solutions for complex transactions – we love a challenge. Our aim is always to find an optimal solution for all parties involved, and I think we have performed well in that regard."

Guido Knümann, managing partner of CODIC comments, "Completing such a complex transaction is a 'Champions League' effort in the real estate market. Catella really brought the process together and managed to create a win-win situation."

C&A's new long term lease contract was negotiated by CODIC. C&A's decision to remain at the site was thanks to the decision to extend the existing property with some 5,500 m². and 360 additional parking spaces. Construction will be being in Q1 2013 and be completed in 2014, after which the property will have a new total area of approximately 37,000 m² and some 900 parking spaces.

Source: Catella

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