Warburg-HIH Invest Real Estate has sold a residential and commercial complex in Hamburg-Billstedt to NM Nord-Immo Management, a company of the HASPA Group, as part of an asset deal. The property features more than 12 housing units and 7,250m² of commercial space. Warburg-HIH Invest purchased the property in 2014 for a special real estate fund invested in by five professional pension funds. The planned sale was able to go ahead after 45% of the rental space had been newly rented.
The commercial and residential complex is located in Billstedt, in the eastern part of the Hamburg Central district. It borders the Mollner Landstraße pedestrian zone as well as Ojendorfer Weg. The building complex located at Mollner Landstraße 27-31 was built in 1979. In 1994 floors were added to the building and its façade cladding was renewed. The property features a basement level and seven full floors, plus an underground garage and parking spaces in the courtyard. The contract parties have agreed not to disclose the purchase price.
“The investment result is higher than the initial forecast and confirms our strategy of using the positive market environment for selective sales,” said Hans-Joachim Lehmann, Managing Director of Warburg-HIH Invest.