European investment manager Peakside Capital Advisors and global private markets investment manager Partners Group have sold a Hamburg office from the Omega portfolio to German project developer May & Co.
Financial details were not disclosed.
The asset, at Spaldingstrasse 77-79, is an office and commercial property with some 9,000 m2 of gross leasable area. It is leased to a mix of tenants. The property includes an underground car park with 140 spaces and is within walking distance of the city's central train and bus stations.
The buyer is planning to redevelop the asset over the mid-term.
Maximilian May, managing director of May & Co, said: 'After the city itself, city south is the most favoured office location in Hamburg. Over the past years, a number of commercial and residential developments have increased the attractiveness of the micro location. We are planning to take advantage of that trend.'
The property was acquired as part of the so-called Omega portfolio, the largest part of which Peakside and Partners Group secured for their clients about a year ago. Omega encompasses 30 office and logistics properties in large German cities as well as in France and the Netherlands.
According to the vendors, May & Co prevailed over several competitors in the off-market transaction.
Simon Lutz, partner at Peakside, said: 'We received decidedly positive market feedback on the property. The offers were all very attractive, supporting the intrinsic value of the assets in the Omega portfolio and our decision to acquire it at the time.'
HauckSchuchardt advised the seller. No brokers were involved in the transaction, which was structured as a share deal.
