Godewind secures €153m Hamburg office plus deal loan

German office specialist Godewind Immobilien has closed on an office property in Hamburg for €153 mln, securing a €92 mln loan to finance the deal.

The acquisition of the asset Quartier am Zeughaus, located in Hamburg in the district of Eppendorf, completes Godewind's current buying spree, the investor said.

The firm has secured favourable financing costs of around 1.20% for a term of five years, lowering the interest rate on the existing bank loan of the portfolio to an average of 1.38%.

This follows the successful financing of the Herzogterrassen scheme in Düsseldorf, to the tune of €80 mln, which was completed last month.

Godewind's recent deals have now all been brought to fruition, the company said, including last year's acquisitions of the ComConCenter in Frankfurt, the Airport Business Center in Düsseldorf, Sunsquare near Munich and the Frankfurt Airport Center.

Deals for the Pentahof in Hamburg and the Eight Dornach asset near Munich were closed on January 31, the Y2 building in Frankfurt on February 13 and the Herzogterrassen on April 15 of this year.

Following the acquisitions, Godewind said it would now focus on optimising its existing assets, and make plans to further expand its commercial property portfolio.

With a vacancy rate at purchase in the overall portfolio of currently around 28%, which corresponds to an area of around 75,500 m2, the portfolio has a significant potential for organic value appreciation, according to the Germany-focused investor.

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