BNP Paribas REIM, acting on behalf of its Next Estate Income Fund III (NEIF III), has acquired “Kallmorgen Tower” in Hamburg, Germany. The purchase price was not disclosed. Delivered in October 2018, this 7,800m² iconic office building has been fully refurbished by project developer QUEST Investment Partners and is mainly let to a leading Co-Working company. Originally built in 1964 by the Hamburg-architect Werner Kallmorgen, the property is not only known because of its characteristic shape but for having hosted IBM’s headquarters. The asset is located in the Central Business District of Hamburg next to the historical centre. With the Meßberg metro station in front of the building, Kallmorgen Tower benefits from excellent access to public transport.
Laurent Boissin, Fund Advisor of NEIF III, comments: “With this fourth acquisition for NEIF III we continue to successfully invest into core markets in the Eurozone with a focus on sustainable assets. The long lease duration along with excellent financing conditions of Kallmorgen Tower perfectly support the long-term income distribution profile of NEIF III.”
