Sale of the prime Alte Post development project (DE)

alstria VII. Hamburgische Grundbesitz GmbH & Co. KG, a 50/50 joint venture between alstria office REIT-AG, Stenham Property Ltd and Quantum Immobilien AG, has agreed on the sale of its property 'Alte Post' for a total consideration of more than €110 million.

The buyer, an affiliate of Stenham Property Ltd, was selected following an auction process.

The property is leased to prime tenants including Abercrombie & Fitch, Tommy Hilfiger, Adidas, and the international law firm Graf von Westphalen. Rental income for the 9,200-m² building amounts to €5.2 million per annum.

The Alte Post building is one of the best-known buildings in the Hanseatic City of Hamburg. It is located at the corner of Poststrasse and Grosse Bleichen (Poststrasse 11), and was built between 1845 and 1847 on the basis of plans by the artist and architect Alexis de Chateauneuf.

In 2008, Quantum Immobilien AG, Stenham Property Ltd and alstria office REIT-AG entered into a joint venture for the refurbishment of the Alte Post building in Hamburg.

While restoring the historical facade, the inner structure of the building was completely rebuilt and converted into high-end office and retail space.

The final closing is subject to customary condition precedents for this kind of transaction, and is expected to close in the second quarter of 2012.

Source: alstria

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