German investor RFR Holding has acquired a premium mixed-use asset on Hamburg's luxury shopping street, Neuer Wall, from German investment manager Warburg-HIH Invest Real Estate.
The transaction volume for the asset, which comprises office and retail space, was not disclosed.
'With this transaction, we have brought a cyclical retail investment of our investors to a successful end and sold this trophy property at the best possible time,' commented Hans-Joachim Lehmann, managing director transaction management Germany of Warburg-HIH Invest.
Warburg-HIH acquired the asset in 2005 for a closed-ended fund launched by HIH Real Estate, before refurbishing the lettable area and renewing the façade. It comprises 1,500 m2 of office space and 515 m2 of retail. The anchor tenant is currently local fashion house Unger.
Neuer Wall ranks amongst the 10 most expensive shopping streets in Europe. RFR's Hamburg portfolio already comprises the Neuer Wall 1-5, Kaufmannshaus and Mönckebergstrasse 1 properties.
'We have thus been able to conclude our value enhancement strategy with its long-term horizon by achieving a very convincing result for our investors,' concluded Lehmann.
