Allianz Real Estate has acquired its first manage-to-core office asset in Germany in partnership with Quest Investment Partners.

The real estate investors said they have acquired the 11,300sqm Überseehaus office and commercial building at Baumwall 5-7 in Hamburg for an undisclosed sum.

Allianz Real Estate said it acquired the building on behalf of several Allianz insurance companies. Quest will take over the active asset and project management.

Annette Kröger, the CEO at Allianz Real Estate in Germany, said: “We are delighted that we were able to acquire our first manage-to-core project in Hamburg with Überseehaus.

“We see great development opportunities for this traditional building with its striking architecture. We are also pleased to be working with Quest Investment Partners.”

Jan Rouven Künzel, a managing partner at Quest said: “The fact that we have been able to convince Allianz with our work and win them over as partners for this attractive project is a fine confirmation of our investment strategy.

“Over the next few years, the property is to be modernised. The efficient office space in the best Elbe location with views of the Elbphilharmonie and the harbour will enable the property to be optimally repositioned on the Hamburg real estate market in the medium term.”

Überseehaus is a multi-tenant property, most of which is rented.