Consus Real Estate AG forward-sold the office and hotel development No. 1 in Mannheim, Germany, to an undisclosed buyer in an approximately €100 million deal.
The German property developer said the project, which is on a 5,000-square-meter plot, consists of six floors and a high-rise building called Lindenhofplatz, totaling 20,000 square meters of leasable area.
Approximately 75% of the building is already pre-leased to office and retail tenants, with an auditing firm and an international four-star hotel as anchor tenants.
Consus said it signed contracts for two additional leases, with an e-commerce company and an IT consulting firm, in October 2018.
The project's final handover is expected by spring 2020.