Cornerstone Real Estate Advisers Europe has acquired the Altes Klöpperhaus building in Hamburg from Art Invest Group. ING financed the transaction.
Terms of the deal, which Cornerstone said was made as part of its pan-European core investment strategy, were not revealed.
Christoph Wittkop, managing director and country head of Germany at Cornerstone said: ‘The property comes with attractive long-term income from strong tenants whilst also providing us with the opportunity to benefit from the ongoing growth in Hamburg’s rental sector.’
Altes Klöpperhaus, a well-known listed office building, was recently redeveloped to create 8,350 m2 of Grade A office and retail space over eight storeys. The asset is 87% let to three tenants on 10 year leases.
Located centrally on Rödingsmarkt, opposite the U3 metro stop, the building is also within the city’s Business Improvement District (BID).
Grossmann & Berger acted for Cornerstone.
