Offenbach - 2010

Situation:

We were instructed by the Metalgesellschaft to sell its property in Kaiserstrasse, in Offenbach. The building comprised c. 3,238 sqm plus 15 parking spaces and was let 100% to an international bank (with a remaining term of 10 years). Built in 1974, the building was fully refurbished in 2001.

Challenge:

Notwithstanding the good technical specification and excellent covenant of tenant, the building was difficult to position, as the sale volume of EUR 6.0M was too low for conventional German investors and too high for many private investors. In addition, some investors see Offenbach as a poor relation to Frankfurt and are unwilling to invest there.