Global private equity firm The Carlyle Group has announced the acquisition of an office and retail asset in the city center of Hamburg, Germany for €19 million. Carlyle Europe Real Estate Partners has acquired the property from Südkap Kapitalberatung GmbH, a company owned by the Lingenbrink family.
The property asset is located on Hohe Bleichen 7/Amelungstraße/Axel-Springer-Platz 4 in the center of Hamburg and on one of the main shopping streets. Carlyle Europe Real Estate Partners plans to develop the site into a very attractive office and retail building and will invest a total of €45 million in the acquisition and development. Carlyle Europe Real Estate Partners will invest in the asset through its second European real estate fund, Carlyle Europe Real Estate Partners II, a €760 million fund.
This is Carlyle Europe Real Estate Partners second development project in the center of Hamburg. In March 2005, Carlyle Europe Real Estate Partners acquired a development project on the centrally located Gänsemarkt 45, where it is currently developing a new retail and office building. The complex will include retail space of nearly 2,000 m2 on two floors, and approximately 8,000 m2 of office space.
Additionally, Carlyle Europe Real Estate Partners II invested in a retail portfolio in Germany last autumn. In September 2005, Carlyle Europe Real Estate Partners acquired a seven property portfolio throughout Germany leased to the furniture retailer Roller. The transaction was closed in the record time of seven days following the first contact to the seller. Carlyle Europe Real Estate Partners successfully sold the portfolio to an Australian buyer in December 2005.
Wulf Meinel, Managing Director, The Carlyle Group said, We are delighted to be involved in a second development in Hamburg, and our fifth real estate investment in Germany. We believe Hamburg is the strongest local real estate market in Germany at the moment, and that this development in such an excellent location will prove popular with both office and retail tenants.
Source: The Carlyle Group