Germany's Montano Real Estate has acquired an office and retail building for a German professional pension fund, on behalf of a client, from Ofi Invest Real Estate.
Financial details were not disclosed.
The Dornbusch 2-4 property is located in the northern part of Hamburg's old town, between Kleine Johannesstrasse and Pelzerstrasse in the town hall quarter. It comprises approx. 5,700 m2 of lettable space and two underground car parks with a total of 27 parking spaces. The property is fully let. The main tenant is the real estate company Quantum.
Built around 1960 and extended and modernised in 2006 and 2012, the buildings have seven (Dornbusch 4) and eight (Dornbusch 2) storeys including staggered storeys and roof terraces. The office fit-out is modern.
The upper floors are used for offices, while the five commercial units on the ground floor are used for retail stores and restaurants. In addition to the underground car parks, the first basement floor offers 119 square meters of storage space, while the second basement floor offers a further 240 m2 of storage space.
Hossein Gharany, director investment at Montano Real Estate, said: 'We are delighted that we have been able to acquire another extremely attractive property for our client after the ´Haus am Staatstheater´ in Wiesbaden.
'The houses at Dornbusch impress with their extremely central location in the heart of Hamburg city center, their very good building fabric, the flexible room concept and the modern furnishings.'
Samson Weldemariam, head of investment, added: 'We successfully completed several transactions in 2023 in a challenging market environment and we will remain active in the current year and intend to make further acquisitions.
'The Dornbusch offers everything that is essential for a long-term investment: it is fully let, has a diversified tenant structure and already meets the high ESG standards.'
A pre-assessment for certification in accordance with the DGNB Gold Standard was carried out for the property in July 2023. Based on this, a concrete action plan was developed with which the property can be brought up to the DGNB Green Building Standard "DGNB Gold" through targeted investments.
Poellath provided legal support for the transaction, WTS provided tax advice and Albrings + Müller provided technical advice, while Colliers International Hamburg supported Montano in the commercial due diligence.
Ofi Invest Real Estate was advised by BNP Paribas Real Estate, DLA Piper provided legal support, BWS provided tax advice and Drees & Sommer advised the seller on the technical part.
