Montano Real Estate GmbH (Montano) acquired another attractive office and retail building for a German professional pension fund. On behalf of a client, the asset was acquired from Ofi Invest Real Estate.
The Dornbusch 2-4 property is located in the northern part of Hamburg's old town, between Kleine Johannesstrasse and Pelzerstrasse in the town hall quarter. It comprises c. 5,700m2 of lettable space and two underground car parks with a total of 27 parking spaces. The property is fully let. The main tenant is the real estate company Quantum.
Dornbusch 2-4 is a modern office building with seven and eight floors, respectively, including roof terraces and staggered storeys. The upper floors are for offices, while the ground floor has five commercial units for retail and restaurants. It offers an excellent city centre location and is close to Hamburg's landmarks, with easy access to transportation. The office fit-out is modern and in line with the “New Work concept”, providing wellbeing areas for users. There are also two basement floors for storage space beside the underground car parks.
"We are delighted that we have been able to acquire another extremely attractive property for our client after the ´Haus am Staatstheater´ in Wiesbaden," said Hossein Gharany, Director Investment at Montano Real Estate.
"The houses at Dornbusch impress with their extremely central location in the heart of Hamburg city centre, their very good building fabric, the flexible room concept and the modern furnishings," said Samson Weldemariam, Head of Investment,
“This transaction, in a really difficult market, emphasizes the attractiveness of the Dornbusch asset which is part of a portfolio that was built up by Ofi Invest Real Estate, on behalf of its clients, very selectively and always with a strong focus on the location and the quality,” emphasized Charles-Henri de la Chapelle, Head of Asset Management at Ofi Invest Real Estate SAS.
A pre-assessment for certification in accordance with the DGNB Gold Standard was carried out for the property in July 2023. Based on this, a concrete action plan was developed with which the property can be brought up to the DGNB Green Building Standard "DGNB Gold" through targeted investments.
POELLATH provided legal support for the transaction, WTS provided tax advice and Albrings + Müller provided technical advice and Colliers International Hamburg supported Montano in the commercial due diligence. Ofi Invest Real Estate was advised by BNP Paribas Real Estate, DLA Piper provided legal support, BWS provided tax advice and Drees & Sommer advised the seller on the technical part.
Image provided by Montano.
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