The London office of Hines, the international real estate firm, announced today that its Hines pan-European Core Fund has acquired Domkaskaden, its first asset in Hamburg, from German developer Quantum Immobilien AG. The building is located in the heart of Hamburg's CBD on Domstrasse, in close proximity to the town hall and Alster Lake. Hines Immobilien GmbH, having assisted in the acquisition process, will be responsible for asset management. Financials of the deal were not disclosed.
Completed in 2009, Domkaskaden comprises 85,800 ft² on 12 above-grade levels. The building was designed by Schenk + Waiblinger and was completed in 2009. The property is 98% leased to tenants including its anchor Deutsche Schiffsbank AG for their headquarters.
"We are pleased to enter the Hamburg market with the acquisition of this excellent property with solid tenancy," said Co-Managing Director for Hines Germany Christoph Reschke. "The Hamburg market plays an important role for the expansion of Hines in Germany, be it for quality acquisitions, well-leased buildings or new development projects."
Philipp Schmitz-Morkramer, board member of Quantum, said, "The sale of this premium product shows that international investors trust in the stability and attractiveness of the Hamburg market."
HECF is a Euro-denominated, Luxembourg-regulated Fonds de Commun de Placement (FCP), managed by Hines and created to acquire a geographically diverse portfolio of core commercial buildings across Europe.