Fund manager CGI, a member of Commerz Grundbesitz Group (CGG), has signed the deed for the Hamburg-America-Center office development in Hamburg's new Hafen City port district. The volume of the transaction is about EUR 26 mln and the anticipated gross acquisition yield is more than 5.5%. The building, with 7,200 m[sup]2[/sup] of lettable area and 80 underground parking spaces, was sold by Hamburg-based project developer DS Bauconcept. Construction is scheduled to start in late 2006.
Fund manager CGI, a member of Commerz Grundbesitz Group (CGG), has signed the deed for the Hamburg-America-Center office development in Hamburg's new Hafen City port district. The volume of the transaction is about EUR 26 mln and the anticipated gross acquisition yield is more than 5.5%. The building, with 7,200 m2 of lettable area and 80 underground parking spaces, was sold by Hamburg-based project developer DS Bauconcept. Construction is scheduled to start in late 2006.
The Hamburg-America-Center is intended for the portfolio of HausInvest Europa, a fund managed by CGI. With a volume of more than EUR 8 bn, it is the largest open-ended property fund in Europe.
Hafen City is one of Europe's largest urban development zones and has been designed to combine an 'urban blend of trade, business, residential. cultural, creation and tourist objects', CGI spokesperson Dietmar Muller said.
The Hamburg-America-Center will be close to the future main artery in the district. The airport is 30-minutes drive away and the central train station about 10 minutes away. The demand for space at Hafen City is strong compared with elsewhere in Hamburg, said Dr. Frank Pörschke. chairman of CGG. 'Even now, many renowned companies have relocated their headquarters here. And even today, this area commands the highest rents in Hamburg, on par with downtown. Overall, we are expecting an above-average rent rate development,' Pörschke said.
