PGIM Real Estate has acquired the three-asset Magnet office portfolio in Hamburg from Rockspring Property Investment Managers.
The investment volume for the off-market transaction was not disclosed.
Rockspring PIM sold the assets on behalf of TransEuropean V Property Partnership. The fund acquired the buildings three years ago and undertook an asset management programme of lease extensions and capital expediture investment.
Located five kilometres north of Hamburg Airport, 15 kilometres north of the city centre, the portfolio comprises three office properties and a development site in the Hamburg Nord business park in Hamburg Langenhorn. The buildings offer a total of 27,600 m2 of lettable space and were built between 1992 and 1999. The development site provides 4,100 m2.
'The combination of a strong cash flow and potential for expansion offered by the Magnet Portfolio makes this an ideal acquisition,' said Sebastiano Ferrante, head of Germany and Italy for PGIM Real Estate. 'We believe its current and future rental values will be supported by the asset’s location near Hamburg, with its growing population, rising real incomes and record low unemployment.'
