Real IS AG has sold the office building Georgstor to the global investor and developer Hines. The property was bought in 2013 for the specialized real estate fund BGV V. The parties have agreed not to disclose the terms of the transaction.
Located at Steindamm 96-100 in Hamburg’s St. Georg quarter, the office complex, which was completed in 2011, offers a total rental space of around 24,000m². The building has ten storeys above ground and a basement with two underground levels. There is also a subterranean garage. The building has excellent public transport links. Hamburg’s central station, shops and leisure facilities are within walking distance. The office complex is certified according to the Silver standard of the German Sustainable Building Council (DGNB), and almost 90% of the space is let.
"We are delighted that in spite of the tense market environment which results from rising interest rates and geopolitical uncertainty, we have nevertheless been able to carry out the sale of the Georgstor building in line with our investment strategy," said Axel Schulz, Global Head of Investment Management at Real IS AG.