Italy's listed real estate group Prelios has announced the sale of 95% of the Blankanese Bahnhofsplatz mixed-use scheme in Hamburg, Germany for around EUR 73 mln. The property, which represents a partnership of the Italian property company (47%), ING Real Estate Development (50%) and other shareholders (3%), was sold to the Classic Value 2 closed-end investment fund, managed by Hesse Newman Capital.
Italy's listed real estate group Prelios has announced the sale of 95% of the Blankanese Bahnhofsplatz mixed-use scheme in Hamburg, Germany for around EUR 73 mln. The property, which represents a partnership of the Italian property company (47%), ING Real Estate Development (50%) and other shareholders (3%), was sold to the Classic Value 2 closed-end investment fund, managed by Hesse Newman Capital.
Prelios, which retained control of the remaining 5% of the centre, was appointed to carry out asset management and property services with a 10-year mandate, receiving a fee of 4.5% of total rents. The operation is 'in line with Prelios' positioning as a pure asset management company, it said.
Blankanese Bahnhofsplatz was completed in 2010 and is currently 93%-leased generating a rental income of EUR 4.5 mln per annum. It is located in West Hamburg and offers 22,000 m2 of office, residential and retail space leased to a wide range of tenants with an average lease length of 12 years. The scheme also houses Prelios' headquarters in Germany.
The sellers were advised by Prelios Agency.
