Montano Real Estate has acquired an office and retail building in northern Germany on behalf of a German pension fund.
Montano said it acquired the Dornbusch 2-4 property in Hamburg on behalf of a German professional pension fund from Ofi Invest Real Estate, without disclosing any financial details.
The fully-let property is located in the northern part of Hamburg’s old town, between Kleine Johannesstrasse and Pelzerstrasse in the town hall quarter. It comprises 5,700sqm of lettable space and two underground car parks with a total of 27 parking spaces.
Hossein Gharany, investment director at Montano Real Estate, said: “The houses at Dornbusch impress with their extremely central location in the heart of Hamburg city centre, their very good building fabric, the flexible room concept and the modern furnishings.”
Samson Weldemariam, head of investment at Montano Real Estate, said: “We successfully completed several transactions in 2023 in a challenging market environment and we will remain active in the current year and intend to make further acquisitions.”
Dornbusch offers everything that is essential for a long-term investment: it is fully let, has a diversified tenant structure and already meets the high ESG standards.”
Charles-Henri de la Chapelle, head of asset management at Ofi Invest Real Estate, said: “This transaction, in a really difficult market, emphasises the attractiveness of the Dornbusch asset which is part of a portfolio that was built up by Ofi Invest Real Estate, on behalf of its clients, very selectively and always with a strong focus on the location and the quality.”
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