Adler Group has sold Mannheim No.1, the office and hotel property in Mannheim, in the southern German state Baden-Wuerttemberg.
Consus Real Estate AG, a subsidiary of Adler Group, has sold the property to Fondsgrund Investment, an investment and asset management company based in Hamburg.
The transaction, signed in September, generates net proceeds of approximately €70 million for the Adler Group. The selling price reflects a discount of around 10% to the valuation (GAV) of the portfolio as of 30 June 2023.
The closing of the transaction is expected within the 4th quarter of 2023 subject to market standard closing conditions.
The Mannheim No.1 mixed-use building is adjacent to the main railway station in Mannheim and mainly for commercial use. The recently developed project consists of a lettable area of around 19 thousand sqm.
“We consider the sale of Mannheim No.1 as another milestone in our strategy of further deleveraging our company as well as focusing on Berlin-based rental portfolios”, says Thierry Beaudemoulin, CEO of Adler Group.
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