BMO Real Estate Partners has acquired three houses of the project development 'HC 34' for one of its real estate special Alternative Investment Funds in Hamburg's HafenCity district. The project is located in the northern Überseequartier neighbourhood, one of the most prominent sites in the new quarter linking Hamburg city centre with the banks of the River Elbe. The seller of the project development is the Hamburg-based DC Commercial GmbH & Co. KG. The purchase price has not been disclosed.
The project ‘HC 34’ is a mixed-use development comprising residential property, space for retail and restaurant trade as well as a hotel and cinema. BMO Real Estate have purchased houses 2, 4 and 5; a gross area of approx. 17,000m² divided over 152 apartments, stores and restaurants. Completion is scheduled for the fourth quarter of 2017.
Managing director of DC Commercial and DC Residential explains, "With its unique mixed-use concept, HC 34 illustrates the possibilities of modern urban development. For so-called forward deals, we attach particular importance to partnership-based interactions. With BMO Real Estate Partners we have found just such a partner"
"The HafenCity is increasingly evolving into a vibrant new district of Hamburg city, with the Überseequartier at its heart. We are extremely pleased to have purchased a sustainable and eco-labelled project development at a premium location. The many possibilities of use make the site especially attractive", claims Thomas Hübner, Head of Investments Germany, BMO Real Estate Partners.
