Deutsche Investment KVG has acquired additional real estate in Hamburg. The properties add up to a combined lettable area of around 16,420m² that divides into 244 residential and 24 commercial units, virtually all of them tenant-occupied. The parties agreed not to disclose the respective selling prices. The acquisitions were transacted within the framework of a single mandate for an institutional investor account and on behalf of a separate asset pool that Deutsche Investment manages in association with EB GROUP. The properties were sold by a Hamburg-based family office and by an insurance group.
One residential complex is located in Hamburg’s Barmbek district and was raised in 1918. Historically a working-class area, Barmbek has in recent decades evolved into a vibrant residential quarter that is particularly popular among young families and students. The other asset, a mixed residential/retail building, is located in the district of Eilbek and was built in 1954/1961. For its tenants, the close proximity of the “Wartenau” underground station reduces the commute to downtown Hamburg to a few minutes.
“The investment focus of our single mandate and of the separate asset pool involved is on central urban locations in Berlin and Hamburg,” said Michael Krzyzanek, Managing Director for Investment Management at Deutsche Investment KVG. “At the moment, however, opportunities to acquire properties in good repair in such keenly sought-after locations in Hamburg rarely present themselves. What made it possible for us to seize this investment opportunity and to secure these properties for our investors was the great market access to our transaction management team, which operates nationwide.”