Warburg-HIH Invest Real Estate has sold a fully-let 8,270sqm office asset in Hamburg to a Berenberg fund.
Warburg-HIH said the office, located on Schäferkampallee in Hamburg’s borough of Emsbüttel, was sold for an undisclosed sum.
The property which was built in 1953 is let to six different tenants.
Warburg-HIH said it sold the asset on behalf of an occupational superannuation scheme for whom Warburg-HIH Invest had acquired the building via a property vehicle in 2012.
Hans-Joachim Lehmann, managing director of Warburg-HIH Invest, said: “After a holding period of just seven years, we were able to sell the property for our client with substantial appreciation.
“Decisive for the successful exit was the active and comprehensive management of the property. The sound tenant mix of the fully occupied property, as well as the staggered lease expiries, ensure a broad-based risk diversification and attractive rent revenues for the buyer.”