Warburg-HIH Invest Real Estate has acquired Guterhallen, a 15,846m² historic warehouse complex, from Aurelis Real Estate. The assets, which are part of the Mitte Altona neighbourhood development in Hamburg, are earmarked for an individual fund. The purchase price was not disclosed.
Slated for completion by fall 2020, Mitte Altona is one of the biggest urban planning projects in Hamburg. On a plot of around 12.3 hectares located between the historic façades of the adjacent residential areas and the refurbished freight yard warehouses, around 1,600 flats, a park, a district school and the associable social and commercial infrastructure are being developed. The former freight yard is supposed to become the central retail hub. The Mitte Altona project will serve as a model quarter for the car- and traffic-reduced living.
The listed warehouses will be revitalised by Aurelis and have already been let in their entirety to Edeka Nord, Boesner art supply store, the gym chain Kieser Training and several small-scale retailers. The food market will open as planned in the spring of 2019.
The eastern and western wings of the warehouses will be linked by a connecting structure called Querbuhne. The new-build office building Querbuhne is scheduled for completion by mid-2020 and is earmarked for office and gastronomy use, just like the two former administrative buildings at the entrance to the quarter. The premises in the administrative buildings have already been let for terms of five to ten years.
“The Guterhallen including ‘Querbuhne’ is the centrepiece of ‘Mitte Altona.’ This is where life in the neighbourhood will take place in the future and it will add vibrancy to the sub-district,” said Ivo Iven, Managing Director of Aurelis Region Nord.
“The undertaking is a key component in one of Hamburg’s biggest urban development projects and will, upon completion, serve as a central retail hub for around 27,000 people,” added Hans-Joachim Lehmann, Managing Director of Warburg-HIH Invest. “We find that ‘Mitte Altona’ has the right prerequisites to combine a sustained demand for space with an upward rental trend in the foreseeable future.”
“The focus of our proprietary portfolio is on business parks, logistics centres and other corporate real estate types. At this time, we finished raising the capital appreciation potential of the Guterhallen complex and identified its future occupiers - including office and retail tenants. Selling i, therefore,e the plausible next step for us,” said Iven as he explained the sale.