CA Immo divests ZigZag office building in Mainz, Germany

Speicalist office investor CA Immo has successfully completed the sale of the Zig-Zag office building in Mainz. 

Financial details were not disclosed, but the firm revealed that the sale was closed in excess of its 30 June book value.

The asset comprises six floors above ground and a total leaseable area of around 4,600 m2. It has a contracted occupancy of around 99%.

Keegan Viscius, CEO of CA Immo said: 'Despite the challenging market conditions we are pleased to have closed the sale of ZigZag, at a price in excess of last reported book value, thereby concluding a financially successful development by CA Immo.

'With this sale we continue with our strategic objec-tive to divest sub-scale assets in non-core markets, and to concentrate the portfolio on modern A class office predominantly in Berlin, Munich, and Frankfurt.'

CA Immo completed the development of the ZigZag office building in 2021. The building is located on the northern harbour basin of the Zollhafen Mainz quarter.

It comprises a total of around 4,600 m2 of rental space on six floors and is almost fully let.

CA Immo was advised on the sale by Noerr Partnerschaftsgesellschaft, Mazar & Co. and Colliers International Deutschland.

 

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