The Hines Pan-European Core Fund (HECF) has acquired Domkaskaden, its first asset in Hamburg, from German developer Quantum Immobilien. The financial details of the deal were not disclosed.
The Hines Pan-European Core Fund (HECF) has acquired Domkaskaden, its first asset in Hamburg, from German developer Quantum Immobilien. The financial details of the deal were not disclosed.
The building is located in the heart of Hamburg's CBD on Domstrasse, in close proximity to the town hall and Alster Lake. Hines Immobilien, having assisted in the acquisition process, will be responsible for asset management.
Designed by architects Schenk + Waiblinger and completed in 2009, Domkaskaden comprises 8,000 m2 on 12 levels. The property is 98% leased to tenants including anchor tenant Deutsche Schiffsbank which is headquartered in the building.
'We are pleased to enter the Hamburg market with the acquisition of this excellent property with solid tenancy,' said co-managing director for Hines Germany Christoph Reschke. 'The Hamburg market plays an important role for the expansion of Hines in Germany, be it for quality acquisitions, well-let buildings or for new development projects.'
HECF is a euro-denominated, Luxembourg-regulated Fonds de Commun de Placement (FCP), managed by Hines and created to acquire a geographically diverse portfolio of core commercial buildings across Europe. In Germany, Hines has a total of 500,000 m2 of projects completed and in the pipeline.
