Aviva Investors, the global asset management business of British insurance multinational Aviva, has acquired a commercial property in Hamburg from Germany's Quest Investment Partners, on behalf of one of its clients.
Financial details were not disclosed.
The asset, an office block formed of two interconnected buildings in Hamburg’s Alexanderstraße 1, comprises 13,200 m2 lettable floorspace in total. It is fully let to the Municipality of Hamburg on a 20-year lease.
The building is home to the University of Applied Sciences (HAW), Hamburg's second largest university, which also uses some of the spaces as offices. Originally two buildings built in 1950 and 1979, the property was subsequently modernised in 2010. It is located in Hamburg’s central St. Georg district close to Lake Alster.
Grégoire Bailly-Salins, head of transactions Continental Europe at Aviva Investors, said: 'This acquisition adds to our existing portofolio of assets under management in Hamburg, including Neue Burg 1, ABC Straße 35 and Dornbusch 2 - 4.
'St Georg is an established location in the city, which already attracts core investors and large corporate tenants. We believe this submarket will improve further over the coming years, and add to the long-term potential of our portfolio under management.'
'We are pleased to make a new deal with the transactions team of Aviva Investors, following Neue Burg 1. The sale of this core property confirms our strategy of focusing on central locations in Germany's top 4 cities,' said Luis Walther-Kraft, head of transactions & Partnering at Quest.
Quest was advised by Hansa Partner Rommel & Meyer as tax adviser and SNP Schlawien as legal adviser. Aviva Investors was advised by DLA Piper, ARUP and BNP Paribas Real Estate.
