Monday, 12 January 2015
Hines acquires five buildings in the Überseequartier, Hamburg (DE)
Hines, the international real estate firm, has acquired five buildings in the Überseequartier Nord of Hamburg for a German Spezialfonds. The structures were sold by a consortium of Propertize B.V. and Groß + Partner. The properties will remain in the long-term strategic portfolio of the fund. Hines Immobilien GmbH acted as acquisition manager and is taking over the long-term asset management of the properties.
The five mixed-use properties - Arabica, Ceylon, Java, Pacamara and Virginia – were built between 2009 and 2010. Out of the total rental area of around 54,000 m², around 26,500 m² make up 262 high-quality residential leases, around 10,000 m² is long-term office leasing, and 6,800 m² is the 25hours Hotel Hafencity. The roughly 7,600 m² retail shops and food service operations will be re-positioned and stabilized over the coming years. In addition, there are 691 parking spaces available.
The Überseequartier Nord, along with the recently sold Überseequartier Süd, lies at the heart of Hamburg’s Hafencity, one of the biggest inner city development projects in Europe, and in the future will form the core of the new Hafencity.
Christoph Reschke, managing director of Hines Immobilien GmbH, said, “The Überseequartier Nord is a long-term investment in the HafenCity location which is continuing to be developed. The rental situation in residential, office and hotel sectors ensures a diversified and stable cash flow. After restructuring and stabilization, the potential value in the retail store and food service area will be elevated in the long term. We are pleased about the first acquisition of this fund in Germany.”