Frankfurt: “Zeilgalerie” changes hands for €59mn
IFM Immobilien AG has acquired the Frankfurt shopping center “Zeilgalerie” from Signature Capital. The transaction took place indirectly through the sale of 94.8% of its holding project company. The seller is retaining the 5.2% minority interest. According to IFM, the total sum of the investment, including a planned €8mn revitalization, will run to more than €59mn. The completion of the transaction is expected in the middle of August, 2008. The shopping center was built in 1992 and has a total floor space of approximately 12,400 sqm for 43 commercial tenants. IFM reported that the occupancy rate is 95%, providing a current rental yield of more than 6%.