Union Investment has acquired Ericus-Contor complex, located in Hamburg’s HafenCity district, from Patrizia AG. The asset offers total rental space of 19,000m², the majority of which – some 17,500m² – is made up of offices. The remaining space features restaurants (360m²), services (460m²) and storage (580m²). The scene also benefits from an undergaround parking facility for 219 spaces. The property is currently 98% let. The main tenants include shipping company Maersk, container line Hapag-Lloyd and fashion retailer Chanel. The purchase price was not dislcosed.
With its prominent tip resembling a ship’s prow and a glazed double façade with full-height windows, Ericus-Contor is an urban landmark. The large plinth and six-storey, south-facing opening in the façade give the building a highly distinctive appearance. It benefits from excellent transport links: the motorway can be reached in just a few minutes via Amsinckstraße, while Hamburg’s main railway station is only 900 metres away. Ericus-Contor is constructed to very high sustainability standards and has DGNB certification in Platinum, the highest sustainability rating awarded in Germany.
“In the current market phase, transactions around the world have virtually ground to a halt. Boasting high construction quality and an excellent location, Ericus-Contor proves that it’s possible for premium properties to change hands despite the coronavirus pandemic and that appropriate pricing is possible,” said Martin J. Bruehl, Chief Investment Officer and Management Board member at Union Investment Real Estate. “By making this core investment in our home market of Hamburg, we’re delighted to be able to send out a positive signal in terms of transactions in 2020.”
“Eastward expansion of HafenCity will mean the property is mid-way between HafenCity and downtown Hamburg. The office property also offers potential for attractive rent increases in the medium term due in part to its unique location directly adjacent to the equally iconic SPIEGEL building,” said Alejandro Obermeyer, head of Investment Management DACH at Union Investment.