Aviva Investors has acquired an office block formed of two interconnected buildings in Hamburg’s Alexanderstraße 1, from Quest Investment Partners. The asset, which together totals approximately 13,200m² of lettable floorspace, is fully let to the Municipality of Hamburg as part of a 20-years lease agreement. The space is home to the University of Applied Sciences (HAW), Hamburg's second-largest university. The parts of the scheme date back to 1950 and 1979 but were subsequently modernised in 2010. The complex is located in Hamburg’s central St. Georg district close to Lake Alster - between the central train station and the Berliner Tor office and business centre - and offers excellent public transport connections. The purchase price was not disclosed.
“We are pleased to make a new deal with the transactions team of Aviva Investors, following Neue Burg 1. The sale of this core property confirms our strategy of focusing on central locations in Germany's top 4 cities,” said Luis Walther-Kraft, Head of Transactions & Partnering at QUEST Investment Partners.
Gregoire Bailly-Salins, Head of Transactions Continental Europe at Aviva Investors, added: “This acquisition adds to our existing portfolio of assets under management in Hamburg, including Neue Burg 1, ABC Straße 35 and Dornbusch 2 - 4. St Georg is an established location in the city, which already attracts core investors and large corporate tenants. We believe this submarket will improve further over the coming years, and add to the long-term potential of our portfolio under management.”