The Hamburg-based investment company Warburg-HIH Invest Real Estate GmbH (Warburg-HIH Invest, formerly: Warburg - Henderson) just completed an asset deal to acquire a mixed office/commercial building in Hamburg on behalf of “Immobilien-Fonds Norddeutscher Versorgungswerke,” an institutional pool of segregated assets. Seller was an investment fund of Behringer Harvard, Dallas.
Completed in 1998, the property is located on Holstenplatz in Hamburg's Altona district. It has a lettable area of around 7,477 m2 that may be flexibly divided due to the high-spec fit-out standard, and provides 63 parking spots in the underground car park. The office and commercial units are almost completely let to several blue-chip companies, the head tenants being DB Bahn AG, Quotas GmbH, and Cato Service GmbH. Moreover, the “Holstenstrasse” rapid transit station and several bus stops are located in the immediate vicinity of the property. Hamburg's central railway station is less than ten minutes away.
Hamburg's office market, which traditionally counts among the Big Seven of the German real estate market, has the country's third largest floor space stock, after the greater Munich area and Berlin. “The property on Holstenplatz stands out because of its great location quality and the flexible floor plan options which noticeably enhances the attractiveness of this rental building. Together with the diversified blue-chip tenancy, the fact ensures a consistent distribution yield for the investors,” said Hans-Joachim Lehmann, Managing Director of Warburg-HIH Invest and in charge of the Transaction Management Germany division.
Source: Warburg-HIH Invest
