Investment manager AEW has agreed to acquire FrankenQuai, an office building in Hamburg, on behalf of one of its funds.
Originally built in 2009, the asset is an 8-storey office building comprising four sections, each with its own access and a shared underground car park in the basement. The property has around 18,000 m2 of lettable space, and a total of 198 parking spaces in the inner courtyard and underground car park. Designed by Niederberghaus & Partner, the asset is situated in the City South office submarket in Hamburg.
Matthieu Samaran, executive director of Investments at AEW, commented: ‘FrankenQuai represents an attractive opportunity to acquire a highly flexible, modern and sustainable office development in an excellent location in Hamburg’s growing office market. The building is 90% let and provides the opportunity to increase rental income through leasing the remaining space.’
AEW was advised by Clifford Chance, Lehmann Consult and Nova Ambiente.
