Union Investment has sold the hotel and office property at Holstenkamp 1-3, Kieler Strasse 143-147 at a profit to the Plaza Hotelgroup from Heilbronn. The building had been part of the portfolio of the open-ended real estate fund immofonds 1, which has been marketed exclusively in Austria, since 2015. The parties have agreed not to disclose the sales price.
Built in 1998, the mixed-use building in the northwest of Hamburg delivered stable income for the fund over the holding period of around ten years. It has a lettable area totalling 10,315m2. Of this, 3,500m2 is office space. The hotel has 180 rooms.
The Plaza Hotel Group with Managing Director Yonca Yalaz is a family-run company that operates 60 hotels with over 8,000 rooms in Germany, Austria and the Netherlands.
The transaction was brokered by Lutgen Breiholdt Immobilien.
Image source - Union Investment.
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