Amundi Real Estate purchases Telekom Campus in Hamburg

French asset manager Amundi Real Estate has purchased the Deutsche Telekom Campus located in the City North district of Hamburg on behalf of one of its fund mandates

The financial details of the transaction were not disclosed.

Deutsche Telekom will move about 2,000 employees to the campus when it is completed this summer.

The office building, designed by the architect ksp Jürgen Engel Architekten, offers a gross floor area of around 44,000 m2 over nine floors. It will be leased entirely by Deutsche Telekom as the single tenant. The Telekom Campus is being constructed on the site of the former BP headquarters in Hamburg.

Developer TAS Group will transfer ownership of the building to the fund managed by Amundi once the building is ready for use.

Kapellmann and Partners and Clifford Chance supported the transaction. JLL advised the buyer and IAM Immobilien Asset Management brokered the transaction. L’Etoile Properties advised the purchaser and will take over the management of the property.