Quest Investment Partners has traded two real estate assets in separate deals in Hamburg, Germany.
The investment firm has bought the mixed-use Hindenburghaus property from Allianz and sold the Alexanderstrasse 1 office block to Aviva Investors. Financial details were undisclosed.
The 12,600sqm Hindenburghaus property at Großer Burstah 31 will be renovated and used for retail, office and residential purposes.
Theja Geyer, managing partner at Quest Investment Partners, said: “We are always on the lookout for properties with a unique selling point. This office and commercial building is one of a kind — an architectural gem that harbours enormous potential.”
The latest transaction with Aviva Investors follows a previous deal announced last year with Aviva Investors agreeing to buy the 6,500sqm Neue Burg 1 office building from Quest.
Commenting on the latest disposal, Luis Walther-Kraft, head of transactions and partnering at Quest Investment Partners, said: “The sale of this core property confirms our strategy of focusing on central locations in Germany’s top 4 cities.”
Grégoire Bailly-Salins, head of transactions continental Europe at Aviva Investors, said: “This acquisition adds to our existing portfolio of assets under management in Hamburg, including Neue Burg 1, ABC Straße 35 and Dornbusch 2 - 4 St Georg is an established location in the city, which already attracts core investors and large corporate tenants.
“We believe this submarket will improve further over the coming years, and add to the long-term potential of our portfolio under management.”
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