US developer-investor Hines has acquired five mixed-use buildings in the Überseequartier Nord district of Hamburg on behalf of a German Spezialfonds for an undisclosed amount.
US developer-investor Hines has acquired five mixed-use buildings in the Überseequartier Nord district of Hamburg on behalf of a German Spezialfonds for an undisclosed amount.
The buildings were sold by a consortium of Dutch asset manager Propertize and developer Groß + Partner.
Hines Immobilien acted as acquisition manager and is taking over the long-term asset management of the properties.
The five properties - Arabica, Ceylon, Java, Pacamara and Virginia – were built between 2009 and 2010 and provide a total rental area of around 54,000 m2, including 26,500 m2 of residential accommodation across 262 apartments, around 10,000 m2 of offices, and the 6,800 m2 25hours Hotel Hafencity. In addition, there are 691 parking spaces available.
The roughly 7,600 m2 of shops and food service space will be repositioned and stabilised over the coming years, Hines said in a statement.
The Überseequartier Nord district, along with the recently sold Überseequartier Sud, lies at the heart of Hamburg’s Hafencity development, one of the biggest inner-city projects in Europe.
'The Überseequartier Nord is a long-term investment in the HafenCity location which is continuing to be developed. The rental situation in residential, office and hotel sectors ensures a diversified and stable cash flow,' said Christoph Reschke, managing director of Hines Immobilien. 'After restructuring and stabilization, the potential value in the retail store and food service area will be elevated in the long term. We are pleased about the first acquisition of this fund in Germany.'
BNP Paribas Real Estate, White & Case, RGT Treuhand and Steinhaus advised the vendors. Pöllath + Partners and Ernst & Young provided legal and tax advice to the buyer.
