HIH Invest Real Estate GmbH (HIH Invest) just sold the Michelkontor office building in the Neustadt district of Hamburg to PAMERA Real Estate Partners GmbH, a real estate family office. The property, which is located at Englische Planke 2, was built by Quantum AG in 2002 and acquired by HIH Invest in 2014 on behalf of the real estate fund of the Norddeutsche Versorgungswerke superannuation scheme. It has a lettable area of 4,630m2, with offices accounting for 4,600m2 thereof and storage areas for the remaining 30m2. In addition, there are 36 parking spots in the underground car park. The office building is fully occupied. Tenants include the Barmenia AG health insurance company and the Dachser SE logistics firm, among others.
“Our sale of Michelkontor in Hamburg demonstrates that family offices in particular remain keenly interested in high-end office assets in prime locations of Class A cities,” said Daniel Asmus, Team Head of Transaction Management Office Germany at HIH Invest.
“During the holding period, our active asset management succeeded in raising the occupancy rate to 100%. We thereby created an attractive baseline situation for marketing the property while achieving an excellent return on investment for our clients,” elaborated Christian Kramp, Senior Fund Manager at HIH Invest.
The transaction was facilitated by the Grossmann & Berger real estate consultancy firm. The parties agreed not to disclose the selling price.
Image source - HIH Invest.
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