AXA Investment Managers - Real Assets, announces that it has completed, on behalf of CNP Assurances, the acquisition of Zeisehof, a new office building in Hamburg, Germany, from a joint venture between Procom and Quantum. The acquisition further adds to AXA IM - Real Assets’ property portfolio in Hamburg, totalling 78,235 m², across the office and residential sectors.
Completed in March 2017, Zeisehof comprises 13,511 m² of modern office space across five above-ground and three below-ground levels, with flexible layout options that allows for future sub-lettable individual units as well as space for 191 cars and 161 bicycles. The office is let to WPP, the leading global advertising agency, on a long lease, which commenced in April 2017. Designed by leading architects, Störmer Murphy and Partners, the building is awarded with a DGNB Gold certification.
Centrally located in Hamburg’s fashionable Ottensen neighbourhood, in the district of Altona, the area is renowned for its combination of shopping and leisure amenities which results in significant footfall from across Hamburg. The building benefits from a range of accessible public transport links with several bus routes and the Altona railway station both within a short walk, and Hamburg’s main Hauptbahnhof station and airport less than 25 minutes by car.
Laurent Jacquemin, European Head of Transactions at AXA IM - Real Assets, commented: “Hamburg is an attractive office investment market, where we own on behalf of our clients a number of properties, with robust demand being driven by a lack of new development. The Altona district in particular is demonstrating fundamentals for investments such as this, secured on a strong covenant and a long term lease. This acquisition is also testament to the strength of our local team in sourcing and investing in opportunities that aim to create value for our clients.”
Daniel Thébert, Head of Real Estate Investment at CNP Assurances, commented: “This long-term office building investment in the central and lively district of Hamburg is part of CNP Assurances' long-term and responsible investment strategy. The environmental performance of this building, awarded with a DGNB Gold certification, is in line with our commitment to the ecological and energy transition.”