Warburg-HIH Invest Real Estate just sold an office scheme located on Schaferkampallee in Hamburg’s borough of Emsbuttel to an investment fund initiated by Berenberg. Raised in 1953 and fully occupied, the multi-tenant building of five to six floors has a gross lettable area of around 8,270m² and comes with 71 parking spots. The main tenant in the property is the FOM University of Applied Sciences for Economics and Management, which occupies its premises on a long-term lease of more than ten years. Overall, the property is home to six different tenants. The weighted average remaining lease term (WALT) is 7.1 years. The sale was transacted on behalf of an occupational superannuation scheme for whom Warburg-HIH Invest had acquired the building via a property vehicle in 2012. At the time, the WALT had equalled around 4.5 years only, while the occupancy rate was about 86%. It was agreed not to disclose the selling price.
The property is located in immediate proximity to the inner city and has very easy access to the local transportation network. The underground stop “Schlump” lies directly out front, while the “Sternschanze” rapid-transit station is just a short walk away.
“After a holding period of just seven years, we were able to sell the property for our client with substantial appreciation. Decisive for the successful exit was the active and comprehensive management of the property. The sound tenant mix of the fully occupied property, as well as the staggered lease expiries, ensure a broad-based risk diversification and attractive rent revenues for the buyer,” said Hans-Joachim Lehmann, Managing Director of Warburg-HIH Invest.
