German property group Becken has completed the sale of the Area 5.0 office campus in Hamburg, Germany, to Austria’s Erste Immobilien Kapitalanlagegesellschaft for a price said to be around €125 mln.
Becken bought the 32,000-m2 complex from Publity at the end of 2018 and has since repositioned the asset and carried out an active asset management programme, increasing the occupancy rate from 63% to 100%. The average remaining lease term is seven years.
‘With the successful repositioning of Area 5.0, we have succeeded in extending existing leases and gaining new tenants, and thus achieving full occupancy within a short period of time,’ said Jens Hogekamp, managing director of Becken Asset Management.
The landlord first agreed to sell the asset during the lockdown with closing just taking place.
Built in 1993 as a multi-tenant property, the five-storey asset is currently being renovated with works due to complete in the first quarter of 2021.
Colliers International advised the seller.
