Pamera Real Estate Partners, a real estate family office, has acquired the Michelkontor office/commercial building in the Neustadt district of Hamburg from HIH Invest Real Estate.
The property, which is located at Englische Planke 2, was built by Quantum AG in 2002 and acquired by HIH Invest in 2014 on behalf of the real estate fund of the Norddeutsche Versorgungswerke superannuation scheme.
It has a lettable area of 4,630 m2, with offices accounting for 4,600 m2 and storage areas for the remaining 30 m2. In addition, there are 36 parking spots in the underground car park. The office/commercial building is fully occupied. Tenants include the Barmenia AG health insurance company and the Dachser SE logistics firm, among others.
'Our sale of Michelkontor in Hamburg demonstrates that family offices in particular remain keenly interested in high-end office assets in prime locations of Class A cities,' said Daniel Asmus, team head transaction management office Germany at HIH Invest.
'During the holding period, our active asset management succeeded in raising the occupancy rate to 100 percent. We thereby created an attractive baseline situation for marketing the property while achieving an excellent return on investment for our clients,' added Christian Kramp, senior fund manager at HIH Invest.
The transaction was facilitated by the Grossmann & Berger real estate consultancy firm. The parties agreed not to disclose the selling price.
