Commerz Grundbesitz-Investmentgesellschaft (CGI), a member of Commerz Grundbesitz Group (CGG), signed the deed for the Hamburg-America-Center office building located in Hamburg's new Hafen City port district. The transaction has a volume of approximately €26 million.
The Hamburg-America-Center is a project development with an anticipated gross acquisition yield of more than 5.5%. The building is earmarked for the fund portfolio of hausInvest europa, a fund managed by CGI and - with a fund volume of more than €8 billion - Europe's largest open-ended property fund.
The Hamburg-America-Center was sold by the Hamburg-based project development company DS Bauconcept, a subsidiary of Drees & Sommer AG. Construction work is scheduled to start late 2006. Until the project's completion in late 2008, the project developer will bear the entire construction, licensing and construction scheduling risks. The building, which will cover a lettable area of about 7,200 m² and have 80 underground parking slots, was designed by the architectural firm of Richard Meier in New York.
Built in Hamburg's new Hafen City district, this project development will be located south of historic Speicherstadt and in immediate vicinity of City Hall and the central train station. Hafen City is planned to combine an urban blend of trade, business, residential, cultural, recreational and tourist objects. For the coming years, about 40,000 jobs and 5,000 are going to be created on an area of 383 acres (155 hectares). Thus, hausInvest europa is acquiring a new construction project in one of Europe's largest urban development zones.
The very location of this office building at Hafen City is advantageous. Because the Hamburg-America-Center comes with great traffic connectivity, being located within the Wallring area of Hafen City, close to the future main artery. The latter will tie the new district to Hamburg's inner city. Moreover, the city's airport is a mere 30 minutes drive away, the central train station about 10 minutes.
"The demand for space at Hafen City is excellent compared to locations elsewhere in Hamburg. Even now, many renowned companies have relocated their headquarters here. And even today, this area commands the highest rents in Hamburg, on a par with downtown. Overall, we are expecting an above-average growth potential in regard to a further rent rate development, as well as to marketing opportunities," says Dr. Frank Pörschke, Chairman of the Board of Managing Directors of Commerz Grundbesitz Group.
The Hamburg-America-Center, he adds, highlights the investment strategy currently pursued by the Fund Management.
"We have intensified our search for new investment opportunities throughout Europe again, not just on behalf of hausInvest europa. As far as the real estate group as a whole goes, we are planning real estate acquisitions with a volume of more than €2 billion worldwide," Pörschke emphasises.