Monday, 6 October 2014
Cityhold acquires Burstah offices in Hamburg, Germany (DE)
Pension fund investor expands its portfolio in Germany to €300 mln. Cityhold Group from Sweden has further increased its commitment to Germany with the exchange of contracts on Burstah offices in Hamburg, a development from Frankonia Eurobau AG.
This mixed use commercial building is located in Nicolai Viertel a district in the city center of Hamburg near the town hall.
Burstah offices will bring Cityhold's German portfolio up to approximately €300 mln. The transaction is an off market deal. Cityhold’s buy side adviser was JLL and legal advisors were Hogan Lovells.
Burstah offices comprises 8 storeys with a total gross lettable area of around 18,000 m² comprising 80% office and 20% retail use. Furthermore the building provides 100 underground car park spaces in three underground parking levels. The property is under construction, with completion planned for Spring 2015, Burstah offices is already 75% pre-let.
One of the office tenants is Funke Mediengruppe which publishes the largest newspaper of Germany's northern metropolis – the Hamburger Abendblatt. The retail space is let to Habitat and dm drugstore. The building places a premium on sustainability. Burstah Offices is already pre-certified LEED Gold.