Valad lets 11,000 m² at Essener Bogen 7, in Hamburg (DE)

Valad, the European multi-let real estate investment manager, has let the Essener Bogen 7 building in Lagenhorn, Hamburg, to Evotec AG, the TecDAX listed medical research and development company. The 12-year lease for 11,000 m² of office and flexible commercial space was secured on behalf of Valad's V+ Germany fund.

Situated on the northern outskirts of Hamburg, close to the airport and the A7 motorway, Essener Bogen 7 provides high-quality accommodation in an area traditionally popular with innovative companies in the media, technology, and supply sectors.

Evotec is a leading international bio-technology company that has long-term research and development partnerships with leading pharmaceutical and bio-tech companies. It provides innovative approaches and developments of new pharmaceutical products.

Colin Bond, Chief Financial Officer of Evotec AG, commented: "We have been happy to work with the Valad team and our consultants to find a multifunctional property which is suitable for our requirements and will help us achieve long-term growth. The relocation of our German head office and the consolidation of other branches to Essener Bogen 7, demonstrates our commitment to the Hamburg location."

Klaus Kortebein, Valad's Head of Germany, commented: "We are delighted to have secured Evotec AG as a long-term tenant customer at Essener Bogen 7. The site's high quality accommodation and convenient location provides an ideal headquarters for their business and I am sure the employees of Evotec will be happy in this new location. The letting to such a high quality tenant customer will also create long-term value for Valad's V+ Germany fund."

The V+ Germany fund is a mixed commercial property fund focused on strong, established, non-CBD markets in Germany.

During the six-month period to December 31, 2010, the Valad team in Germany let over 120,000 m² of space in a mix of new leases and lease renewals, generating a total rental income of approximately €4 million. With offices in Frankfurt, Munich, Berlin and Hamburg, the team of 30 manages over 1.4 million m² of space across four of Valad's 15 funds, including the V+ Germany fund.

Evotec AG was advised by Grube & Wasskewitz GmbH. Valad was advised by Völckers & Cie Immobilien GmbH.

Source: Tavistock Communications

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