The KanAm Grund Group's Leading Cities Invest (LCI) fund has acquired an office building in Hamburg on Hammer Strasse, which is rented to the Hanseatic City of Hamburg.
Financial details were not disclosed.
Various local authority bodies are housed in the 16,000 m2 premises on a long-term lease.
The acquisition is in line with LCI's focus on offices, and expands its exposure to Germany. The deal brings the fund to a total of 34 properties at 24 locations in nine countries.
The new Hamburg property is located in the city's eastern district of Wandsbek and enjoys a direct connection to the two S / U-Bahn stations Wandsbeker Chaussee and Hasselbrook.
The immediate environment of the property is characterised by authorities and state institutions. According to KanAm, due to the open, very functional layout of the asset, a large number of office concepts are possible when it comes to re-letting.
Rating agency Scope 2020 recently confirmed LCI's rating as A+ AIF for the fourth time in a row. In terms of the fund's risk exposure, KanAm noted that there are no hotels in the fund that are particularly damaged by the Covid-19 crisis, while retailers only account for 7% of all tenants in the fund properties.
