German fund manager Montano Real Estate has acquired the multi-tenant Pier 81 office complex in Hamburg on behalf of a local pension fund.
The firm has invested an unspecified sum to acquire the 8,500sqm asset office complex in Hamburg from Generali Real Estate, acting on behalf of Generali Deutschland Versicherung.
Montano Real Estate said it plans to exploit the value-add potential of Pier 81 through strategic repositioning and redevelopment, focusing on key measures such as reducing vacancy, modernisation of the building’s exterior and common areas.
Hossein Gharany, investment director at Montano Real Estate, said: “We are very pleased to have acquired the property together with a renowned German institutional investor with whom we have enjoyed a trusting working relationship for many years.
“Pier 81 offers significant value-added potential, which we have already identified and will implement through targeted measures. Building on our many years of experience in the successful repositioning and optimization of commercial real estate, we plan to increase its value sustainably.”
Samson Weldemariam, managing partner at Montano Real Estate, said: “We have been successfully implementing value-add investments for international clients for many years, and in addition to Pier 81, we have already completed several attractive transactions in the current year.
“We are planning further investments in the value-add segment and also in our other target segments, such as the public sector and critical infrastructure.”
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