Union Investment Real Estate has acquired the Herrengraben 30/31 office and commercial building located between downtown Hamburg and the HafenCity district on behalf of its UniInstitutional German Real Estate fund.
The vendor is Cogiton Projekt Neustadt, an owner-managed property development and investor company based in Hamburg. The purchase price was not disclosed.
Built in 1993, the property offers 6,520 m2 of rental space and was completely refurbished in mid-2016.
'The city remains highly attractive to the fund’s investors, in line with the strategy of further diversification across products and locations,' said Christoph Schumacher, a member of the management team at Union Investment Institutional Property.
The property comprises a tower-like main building with eight storeys and a five-storey section extending lengthwise from the main tower. It is 94% let, with tenants including Global Navigation Solutions and tax consultancy firm T2C.
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22 June 2016
OUTLOOK H2: Germany & European Markets
Union Investment Real Estate GmbH, Valentinskamp 70 / EMPORIO, Hamburg, 20355, Germany
9am-11.30am
The European Outlook series of events continues in Hamburg on Wednesday morning with a look at the key investment trends, both in Germany and continental Europe. How do investors see the activity in the first half of 2016 and what is the likely scenario for the second half of the year. Will we see a bounceback for Europe after the referendum in the UK? What are the strategies best suited for investors at this point in the cycle? Which sectors are likely to outperform?
Benefit from an interactive briefing on the outlook for Germany and main European markets and network with leading investment specialists including the speakers from Union Investment, Catella, DREF, Corestate and AF Advisory.
