Hines and AVWL acquire Olympus Campus in Hamburg (DE)

AVWL and Hines acquire Olympus Campus in Hamburg (DE)

Hines has entered into an agreement with Arzteversorgung Westfalen-Lippe (AVWL) to jointly acquire the Olympus Campus in Hamburg under the terms of a forward purchase. AVWL, one of Germany's largest occupational pension funds, is the main investor in the transaction. Hines also acted as the investment manager and will handle the long-term asset management for the property. The seller is Campus Properties 1, a joint venture of Zech Group and Olympus, which will retain responsibility for the completion of the building. The purchase price was not disclosed.

 

The Olympus Campus has approximately 47,000m² of rentable office space across 11 floors and provides 505 parking spaces. Approximately 38,000m² of the space will be occupied under long-term leases to Olympus. The Japanese medical technology manufacturer will establish its head office for Europe, the Middle East and Africa (EMEA) on the campus. An additional 9,000m² has been leased to the co-working provider Design Offices, also under a long-term agreement.

 

The building offers flexible floor plans that allow various office concepts which meet the needs and expectations for a modern working environment. To underscore the sustainability of the Olympus Campus, the project is seeking gold-level certification under the DGNB system.

 

The cornerstone for the new building, which is scheduled for completion at the end of 2020, was laid in June. Located in Hamburg's City Sud, it will stand on a prominent, approx. 8,600m²  site at Heidenkampsweg/Wendenstrasse. It was designed by the renowned Hamburg architecture firm gmp (Gerkan, Marg and Partners).

 

Commenting on the investment, Christian Mosel, the managing director of AVWL, said: "With Olympus Campus, we have acquired a property in a central location which, thanks to its high tenancy rate, promises a stable, long-term cash flow base and thus reliable returns."

 

Markus Altenhoff, director of Capital Investments with AVWL, added: "The prestigious and timeless architecture and the very efficient use of space provide excellent conditions for a future-ready real estate investment."

 

Dr. Kai-Magnus Schulte, director Hines Immobilien GmbH: "City Sud will be further enhanced and will continue to develop very successfully in the future. The Olympus Campus will be regarded as one of the most advanced and sustainable buildings in that high-profile location. We are delighted with this successful investment, which represents a long-term decision for AVWL and Hines."

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