QUEST Investment Partners has acquired a property at one of the most exclusive shopping locations in Germany and one of the ten high street retail centres in Europe, Neuer Wall in Hamburg, Germany. The building comprises around 4,650m², split between 65%t office space and 35 % dedicated to retail. The seller of the asset, MEAG, previously managed the asset on behalf of Munich Re and ERGO. Looking forward, the ownership will rest with a family-owned company that has signed a long-term ground lease with expiration in 2120. The long-term single-tenant of the retail space is the Danish furniture store Illums Bolighus.
The seven-storey building was fully renovated in 2000. The project developer intends to re-let the office space, to enhance the lobby and to upgrade the common areas. The purchase price was not disclosed.
“Neuer Wall positions itself as its own brand that stands for luxury, design and a Hanseatic way of life. As one of the best locations the city has to offer, the street benefits from an extraordinary flair that also attracts office users," said Theja Geyer, Managing Partner at QUEST Investment Partners.
