Godewind Immobilien has signed a purchase agreement to acquire Pentahof office complex in Hamburg. Located at Hamburg Airport, the asset has a total lettable area of about 24,747m², and features 347 underground parking spaces and 113 outdoor spaces. The purchase price is €60.6m, or €2,449 per m². The transaction is expected to be closed by the end of this year.
The anchor tenant is a global petroleum company with an outstanding credit rating. The annualised funds from operations (FFO) before overheads is more than €2.13m. This represents an initial FFO yield of about 7.7% before overheads. The acquisition will initially be financed from internal funds raised as part of the IPO in April.
Once it closes on the current sale, Godewind will have a property portfolio amounting to more than €330m.
