Warburg-HIH Invest Real Estate (Warburg-HIH Invest) just acquired the Brückenquartier property development in Hamburg's southern district of Harburg for the port-folio of “Immobilien-Fonds Norddeutscher Versorgungswerke,” a real estate special AIF of northern German pension schemes. The sale-purchase transaction took the form of an asset deal.
The planned construction of a mixed office-commercial building with a gross lettable area of 8,531m² at the “Harburger Binnenhafen” development site on the corner of Veritaskai and Theodor-Yorck-Strasse in Hamburg is expected to be completed by early 2019. The property will feature a large-scale retail area of 2,050m² on the ground floor, and 6,281m² of flexibly divisible office accommodation on the five floors above. Also part of the investment asset are 65 underground parking spots for the office occupiers, and another 70 parking spots for shoppers.
A 15-year lease for the retail area of 1,850m² has al-ready been signed with the renowned EDEKA food multiple re-tailer. Also part of the retail premises are another two smallish storefront units that are still to let. The Harburger Binnenhafen brownfield at the site of the former in-land port has been undergoing a structural shift since the 1990s. City hall intends to redevelop the site with attractive residential quarters along with high-spec businesses, and several property developments are currently going through the planning stage at the same time. Hamburg-Harburg boasts a sound transportation infrastructure including its own railway station (long-distance and rapid transit), and the vicinity of the site is dotted with local ameni-ties.
“The property development will be easy to let because of the high quality of the building and of its floor plate, but also because of its excellent alternative use potential. With its vantage position within the Harburger Binnenhafen development area, it represents a safe commitment for our investors,” said Hans-Joachim Lehmann, Managing Director of Warburg-HIH Invest and in charge of the domestic transactions division.
