Developer-investor Quest Investment Partners has acquired an office and commercial building at Steindamm 72-86 in Hamburg in an off market transaction with London-based investment manager Tristan Capital Partners and the German real estate company Investa Real Estate.
The parties agreed not to disclose the purchase price.
The building comprises 14,100 m2 of rental space and 144 car parking spaces. Built in 1973, the eleven-storey property received a complete refurbishment and an energy efficiency upgrade in 2014 and 2019. It is located in Hamburg’s St. Georg district, next to the 12,750 m² office building Steindamm 94, which is also part of the Quest portfolio. The main tenants at Steindamm 72-86 are the City of Hamburg and EOS.
'We are very convinced by the central location of this building within the public transportation network. Furthermore, we see this fully let office-asset as a strategic, long-term investment, which will profit from a significant increase of the neighborhood,' commented Luis Walther-Kraft, head of Transactions & Partnering at Quest Investment Partners.
BNP Paribas Real Estate carried out the transaction process. Quest received legal advice from Capstone Legal and Huth Dietrich Hahn, tax advice from Hansa Partner Rommel & Meyer, and technical advice from Bohnzirlewagen. Poellath provided legal and tax advice to the sellers.
