German fund manager Real IS has acquired two landmark office buildings which are part of the Intelligent Quarters ensemble in Hamburg's HafenCity district.
Completed in the summer of this year, the two assets - Watermark and Shipyard - were acquired respectively for the Themenfonds Deutschland I and the BGV VII Europa funds from project partners ECE and Strabag Real Estate.
Financial details were not disclosed.
The properties provide 21,500 m2 of total rentable area and are nearly fully let. The Watermark office tower comprises 14,500 m2 of office and commercial space over 18 floors and, at a height of 70 metres, towers over the whole of HafenCity.
'The outstanding office tower of the "Intelligent Quarters" with its impressive view of the Elbe and the harbour, direct access to water across the square and excellent transport connections is the ideal addition to our portfolio,' said Jochen Schenk, chairman of the board of management at Real IS.
ECE and Strabag Real Estate received legal advice from law firm Jebens Mensching. JLL acted in a brokerage capacity. Noerr was the buyer’s legal adviser.
