Erste Immobilien KAG has acquired the Carrée mixed-use asset in Hamburg from Italian property services firm Prelios and Morgan Stanley Real Estate Investing for €37.4 mln.

Erste Immobilien KAG has acquired the Carrée mixed-use asset in Hamburg from Italian property services firm Prelios and Morgan Stanley Real Estate Investing for €37.4 mln.

Erste Immobilien KAG, which is owned by the Austrian Erste Group and property firm S Immo, has signed a long-term contract with the German arm of Prelios to property-manage the asset.

Located in the Harburg district of Hamburg, the fully-let scheme was built in 1998 and provides a total 23,000 m2 of retail, office and residential space, as well as 512 car park spaces. Harburg Carrée’s tenants include the public library HÖB, the Hamburg Adult Education Centre (Volkshochschule) and discount supermarket Lidl.

'The Harburg Carrée is an attractive investment property which performs reliably well and ensures a stable cash flow for investors,' commented Martin Mörl, managing director of Prelios Deutschland.