Warburg-HIH Invest Real Estate has bought a 9,000sqm office property in northern Germany from Wegner Immobilien for an undisclosed sum.
The German asset manager said it bought the fully let multi-tenant property in Hamburg on behalf of the Immobilienfonds Norddeutscher Versorgungswerke real estate investment fund. The asset includes 140 underground parking spots.
The weighted average lease term is 12.5 years, Warburg-HIH said.
Hans-Joachim Lehmann, a managing director at Warburg-HIH Invest, said: “With a rent level that remains below the potential of newly constructed buildings, this well-managed property offers both long-term cash flows and a great appreciation potential in a location open to further development.”