Peakside Real Estate Fund II, managed by Peakside Capital Advisors AG (together "Peakside"), the specialist European real estate private equity firm, has acquired Fernsprechamt Schlüterstraße in the Rotherbaum District of Hamburg from the closed Real Estate fund "Deutschland 01" (the "Fund"). The purchase price is confidential.
In October 2013, Richard Neff took over the management of the distressed Fund, originally established in 2003 by Wölbern funds, as General Partner and delegated its administration to Nordcapital. Since taking on this task, Nordcapital’s external fund management platform has successfully removed the asset’s maintenance backlog and leased 5,000m², thereby increasing the value of the property for investors in the fund.
The 50,000m² monument-protected building was built in 1907 for Deutsche Telekom, and represents the largest single standing asset in the district. Located in close vicinity to the campus of the University of Hamburg-Rotherbaum, the Gothic building is currently used as office space by Deutsche Telekom, Deutsche Post and the University of Hamburg.
Going forward, Peakside aims to enhance the property by capitalising on its high quality location and unique design characteristics. USP Projekte GmbH, located in Munich and a long-time development and cooperation partner of Peakside, will support the development and implementation of this plan as project manager.
"For the investors in the former Wölbern funds, the result represents a successful sale and a good result overcoming all the initial difficulties from 2003", says Richard Neff.
Boris Schran, Managing Partner of Peakside Capital said, "With the purchase of the Fernmeldeamt in Hamburg-Rotherbaum, we are taking over responsibility of a historic pearl in Hamburg’s University quarter, which we regard as the best office, residential and educational location so close to the City centre of Hamburg. The current use of the building has changed in the recent past as technological advances have altered the use of it by Deutsche Telekom. Today tenants require more contemporary space suitable for today’s requirements, a strategy we intend to pursue".
