CB Richard Ellis and PricewaterhouseCoopers have won a mandate from the German state of Hessen to manage a sale-and-leaseback transaction on a number of its properties.
The size of the portfolio has not been established yet, but the state’s parliament earlier agreed property sales worth €800m to narrow Hessen’s budget deficit. International investors have already expressed interest.
In Germany, government sale-and-leaseback transactions are a relatively new phenomenon. At the end of 2004, Hessen conducted the first big sale-and-leaseback on the 88,167m2 Frankfurt Behördenzentrum, which houses the finance department and the police.
