CA Immo and its joint venture partner Mainzer Stadtwerke AG have sold the "Rheinwiesen III" residential plot. The sale of the approximately 3,500m² large site was made to a joint venture of BWL Wohnbaugesellschaft and Mainzer Volksbank eG. The property has building rights for around 8,000m² of floor space. The sale was concluded at a significant premium to the current book value. The terms of the deal weren't disclosed.
Christof Altendorfer, Managing Director and Head of Investment Management at CA Immo Germany, commented: "Despite the current challenging market environment, the successful sale of the Rheinwiesen III property once again underlines the attractiveness and resilience of our "Zollhafen Mainz" quarter development for local, regional and national developers. The sale of this residential property with building rights is in line with our consistent, strategic focus on the realisation and maintenance of high-quality office properties."