Cornerstone Real Estate Advisers Europe (“Cornerstone”), a subsidiary of Cornerstone Real Estate Advisers LLC, one of the largest global real estate investment managers, announces that it has acquired the Altes Klöpperhaus building in Hamburg from Art Invest Group as part of its pan European Core investment strategy. Cornerstone has secured financing for this acquisition from ING.
Altes Klöpperhaus, one of Hamburg’s best known listed office buildings (“Kontorhaus”), was recently comprehensively redeveloped to comprise 8,350m² of Grade A office and retail space across eight storeys. The asset is 87% let to three tenants on 10 year leases.
Located on Rödingsmarkt, the building is in Hamburg’s central business district and also within the city’s Business Improvement District (“BID”). The location benefits from well-established infrastructure and good transport connections, being opposite the Rödingsmarkt (U3) railway station. Grossmann & Berger acted for Cornerstone.
Commenting, Jorge Duarte, Senior Director, at Cornerstone said: “Altes Klöpperhaus is a prime office asset in a well-established area of Hamburg’s CBD which is currently undergoing significant investment and regeneration, and is highly indicative of the types of asset we want to acquire as part of our pan-European Core investment strategy.”
Christoph Wittkop, Managing Director and Country Head of Germany at Cornerstone added: “The property comes with attractive long term income from strong tenants whilst also providing us with the opportunity to benefit from the ongoing growth in Hamburg’s rental sector.”
