An affiliate of UK investor Stenham Property is acquiring the historic Alte Post mixed-use building in Hamburg for more than EUR 110 mln, reflecting a low yield of 4.72%.
An affiliate of UK investor Stenham Property is acquiring the historic Alte Post mixed-use building in Hamburg for more than EUR 110 mln, reflecting a low yield of 4.72%.
The vendor of the property is a 50-50 joint venture between German property companies Alstria Office REIT on one side, and Quantum Immobilien and Stenham Property on the other.
The buyer was selected following an auction process.
Built between 1845 and 1847, the Alexis de Chateauneuf-designed scheme offers 9,200 m2 of office and retail space fully leased to prime tenants including Abercrombie & Fitch, Tommy Hilfiger, Adidas and the international law firm Graf von Westphalen. It generates EUR 5.2 mln in rent per year.
Closing of the transaction is expected for the second quarter of 2012.
Quantum, Stenham and Alstria Office REIT bought the asset in 2006 and entered into a joint venture to refurbish it two years later.
Law firm Taylor Wessing advised Stenham on the purchase, Jebens Mensching acted for the vendor.
