German firm sells headquarters to Israel-based investors
The headquarters of German insurance company Gothaer Versicherung has been sold for approximately €250 million ($302 million) in a sale-leaseback transaction.
The buyer is a joint venture made up of family office Aurec Capital and an insurance company based in Israel. The office complex totals 1.1 million square feet and consists four buildings, located in Cologne.
Gothaer will reinvest sales proceeds in various properties in Germany. Gothaer continues to be the office’s single tenant. The lease will expire December 2015.
Colliers International Düsseldorf advised Gothaer, and legal advice was provided by Clifford Chance Germany. Berwin Leighton Paisner (Germany) and Drees & Sommer Düsseldorf assisted the buyer.
According to Colliers International, almost €39.8 billion ($46 billion) was invested in Germany’s