US privately-held developer-investor Hines has joined forces with German pension fund Ärzteversorgung Westfalen-Lippe (ÄVWL) to acquire the Olympus Campus office project in Hamburg under the terms of a forward purchase.
ÄVWL, one of Germany's largest occupational pension funds, is the main investor in the transaction. Hines also acted as the investment manager and will handle the long-term asset management for the property.
The seller is Campus Properties 1, a joint venture of German developer Zech Group and Japanese optical technology manufacturer Olympus, which will retain responsibility for the completion of the building.
Upon completion at the end of 2020, the Olympus Campus will provide around 47,000 m2 of rentable office space across 11 floors and 505 parking spaces. Approximately 38,000 m2 of the space will be occupied under long-term leases to Olympus, which will use it as its head office for Europe, the Middle East and Africa (EMEA). The remaining space has been leased to co-working provider Design Offices, also under a long-term agreement. The project is seeking gold-level certification under the DGNB environmentally-sustainable system.
One of the most advanced and sustainable buildings
Commenting on the investment, Christian Mosel, the managing director of ÄVWL, said: 'With Olympus Campus, we have acquired a property in a central location which, thanks to its high tenancy rate, promises a stable, long-term cash flow base and thus reliable returns.'
Kai-Magnus Schulte, director Hines Immobilien said: 'City Süd will be further enhanced and will continue to develop very successfully in the future. The Olympus Campus will be regarded as one of the most advanced and sustainable buildings in that high-profile location. We are delighted with this successful investment, which represents a long-term decision for ÄVWL and Hines.'
'Ärzteversorgung Westfalen-Lippe is a strategic investor with a long-term investment horizon that provides the tenants of the Olympus Campus with a new ownership structure, offering long-term stability. As a result, we have created ideal conditions for a win-win situation in the long term for tenants and investors alike,' added Lars Nikolaus Follmann, the managing director of the project company selling the property.
Hines was advised on the acquisition by Pöllath+Partners. The seller was advised by PwC Düsseldorf. Support in the transaction process was also provided by CBRE Hamburg.
