Union Investment has acquired the headquarters of shopping company Hamburg Südamerikanische Dampfschifffahrts-Gesellschaft (Hamburg Süd) in downtown Hamburg from the Oetker Group for an undisclosed amount.
The shipping company is moving out of its long-established home at the end of this year after some 57 years. Union Investment will then reposition the landmark office ensemble, which offers a total of 18,611 m2 of rental space, and is suitable for subdivision and also for open-plan use.
The ensemble was built in 1964. It comprises four sections: a 16-storey tower, a two-storey connecting building, a six-storey block and a seven-storey building. The complex includes one of Hamburg’s first high-rise towers, designed by Hamburg architect Cäsar Pinnau. In 2016, the three existing parts of the complex were upgraded in terms of technology and energy efficiency, and the seven-storey office building was added. The first three buildings were given protected status in 2011.
The acquisition will be added to the holdings of special real estate fund UniInstitutional German Prime Select.
‘As a Hamburg-based real estate investment manager, we are particularly looking forward to reposition this iconic building and making it attractive to new users,’ said Wolfgang Kessler, a member of the management team at Union Investment Institutional Property.
‘The Emporio tower in Hamburg’s Neustadt district, involved completely revitalising a similarly striking and historic building, then fully re-letting it as a multi-tenant property after Unilever moved out. With its unique city centre location, good transport links and flexible floor plans, the Hamburg Süd building definitely has the potential to be another success story in our Hamburg home market,’ said Wolfgang Kessler.
Union Investment was advised legally by Hogan Lovells, technically by Waterbound Real Estate and Arcadis, and tax-wise by Pöllath & Partner. The transaction was brokered by Angermann Investment Advisory.
