Values Real Estate has acquired two fully-let commercial buildings in Germany for its core-plus property fund.
Values Real Estate has bought the two Art Nouveau assets, Brandenburgerhaus and Barnbrockhaus, for the VALUES Prime Locations II Mixed Opportunities fund.
The properties are located in the vicinity of Neuer Wall and Jungfernstieg were acquired for an unspecified sum.
The two properties provide a combined 7,500sqm of rental space. The Brandenburgerhaus comprises 5,900sqm of office space anchored by the City of Hamburg and the 1,600sqm Barnbrockhaus consists of a mix of office, retail and residential components.
Bastian Mlecko, head of investment at Values Real Estate, said: “We are very pleased that we were able to acquire these trophy properties for our Prime fund. Both buildings are located in the historic Passagenviertel – one of the most popular shopping and sought-after office locations in Hamburg’s city centre, close to the City Hall, Gänsemarkt and Jungfernstieg.
“The diversified tenant mix of office, retail and residential with its 14 tenants provides stable cash flow and strengthens the fund portfolio. Current developments such as the Hamburger Hof and the Gänsemarkt-Höfe mean additional upgrading potential for the locations of our two buildings.”
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