French investment manager Amundi Real Estate has acquired the headquarters of Allianz in Hamburg on behalf of one of its real estate fund mandates from local developer TAS Group.
The purchase price of the building, which was renovated between 2010 and 2012 and totals around 59,800 m2, came to around €100 mln. This amounts to a yield of 5.75%, according to a spokesperson for L'Etoile Properties, which acted on behalf of the buyer.
L'Etoile Properties will also take over the management of the property which is located at Kapstadtring 2. Amundi already acquired the adjacent Telecom Campus in the City Nord district from TAS in March 2016, the advisor said.
Commenting on the sale, Marcus Schwarz, CEO of the TAS Group, said: 'The change of Hamburg's City North continues. The concept of living, working, shopping and tourism/leisure facilities in a district is a successful story. The buildings developed by the TAS Group are very attractive and future-oriented for international investors.'
Amundi Real Estate, a subsidiary of Amundi Group, specialises in developing, structuring and managing property funds for private investors, private banks and their distributors, institutional investors, large companies and real estate professionals. Amundi Real Estate has €12.9 bn assets under management (AUM).
Law firms Kapellmann and Partner and Clifford Chance also advised on the transaction.
Paris-based L’Etoile Properties has been ramping up its assets under management in Germany over the past year: at end-2016, the figure stood at €750 mln and the company has a pipeline of a further €350 mln in exclusivity for the first quarter of 2017. Including additional transactions in France and Holland the firm currently manages assets under management in excess of €5 bn.
