Aviva Investors Real Assets has signed an agreement with Quest Investment Partners to purchase Neue Burg 1, a 6,500m² office building in Hamburg, Germany. The property, which is expected to be delivered by July 2020, is fully pre-let to Unilever, which will use the office as its German headquarters. The acquisition boosts Aviva Investors Real Assets’ existing commercial real estate portfolio in Hamburg, comprising the ABC Straße 35 and Dornbusch 4 buildings. Hamburg was recently identified as one of the most attractive European office markets by Aviva Investors Real Assets’ research team. The purchase price was not disclosed.
Daniel McHugh, Managing Director, Real Estate, at Aviva Investors, said: “We are delighted to add Neue Burg 1 to our portfolio in Hamburg. The city is a true regional powerhouse in Europe with an innovative and diverse economy, including a thriving start-up scene. Hamburg is the economic centre of northern Germany and a key transportation hub for Scandinavia and Eastern Europe as well as being a key location for Asian companies, for whom Hamburg commonly serves as their German or European headquarters. This deal is aligned to our pan-European real estate strategy of focusing our investments in cities with supportive long-term economic and demographic characteristics.”
