German developer Momeni, together with its joint venture partner Black Horse Investments, has announced the sale of the Springer Quartier in Hamburg, in a forward sale to a number of local pension funds.
The new owners of the major mixed-use project are the doctors’ pension funds of Lower Saxony, Saxony-Anhalt, and Mecklenburg-Western Pomerania, the veterinarians’ pension fund of Lower Saxony, and the tax consultants’ pension fund of Lower Saxony.
Hamburger Sparkasse (HASPA) is financing the deal.
The asset, which is believed to have traded for over €400 mln, is the largest single-property transaction ever made in Hamburg, according to the vendors.
The Momeni Group acquired the property from media giant Axel Springer in September 2015 and will continue to develop the quarter which includes the renovation of a 14-storey high-rise building as well as a new complex with a total of 60,000 m2 designed by architects Gerkan, Marg and Partner. Ed. Züblin is the general contractor.
The asset is already largely pre-let to media group Axel Springer and KPMG and is expected to be delivered in 2020.
The seller was legally advised by Jebens Mensching, the buyer by the Luther Rechtsanwaltsgesellschaft. Grossmann & Berger, and BNP Paribas Real Estate brokered the deal.
