The Standard Life Investments European Real Estate Club L.P II (Euro Club II) has sold 100% of the shares of Alster Sarl, the holding company for central Hamburg office building, Hanse Forum, to German institutional investor Warburg-HIH Invest. The property, which is almost fully let, totals 15,000m² of office and retail space and offers an underground parking with 138 units. The purchase price was not disclosed.
Last year, WeWork, the co-working and shared office space specialist, signed a 20-year lease for 7,800m² of office space at Hanse Forum. It now occupies 52% of the property and is joined by nine other tenants, including BNP Paribas Real Estate, Amlin and Otto Schroder Bank.
Andrew Creighton, Head of Real Estate Continental Europe, Aberdeen Standard Investments, comments: “As part of our strategy for the Standard Life Investments European Real Estate Club L.P II (Euro Club II) fund, we secured prominent tenants, such as WeWork, and evolved Hanse Forum from a value added to a core asset. The sale of Hanse Forum in Hamburg represents the successful completion of this strategy, which we’ve achieved ahead of schedule and with strong returns, above our fund target.”
Swiss Life Asset Managers is the co-investment partner along with Aberdeen Standard Investments. Aberdeen Standard Investments was advised by Eastdil Secured, while Warburg-HIH Invest was represented by Cushman & Wakefield.
