German fund mnager Values Real Estate has acquired a multi-tenant property for its Values Prime Locations fund from Deka Immobilien Investment.
Financial details were not disclosed.
The asset comprises an office and retail building at Grosse Elbstrasse 14, west of the Port of Hamburg, and an office building at Buttstrasse 3 at the rear of the property.
Carsten Fischer, founder and managing partner of Values Real Estate, said: 'Hamburg is one of the most prosperous cities in Germany.
'The area around the Große Elbstrasse has a special charm. It is characterised by traditional shipping and logistics companies, but also by the port and the creative scene with lots of gastronomy.
'For our Values Prime Locations fund, this core plus property is an excellent addition in terms of diversification and potential for value appreciation through active management.'
The two properties together have around 5,000 m2 of rental space with 43 parking spaces. They are used by eleven tenants.
The prestigious six-storey office and commercial building on Grosse Elbstraße has an unobstructed view of the Elbe and is located directly opposite the famous fish auction hall at the Port of Hamburg.
The Values Prime Locations fund invests on behalf of a limited group of institutional investors in prime inner-city locations in 1A and 1B cities with a core plus investment risk. His target volume is over €400 mln.
The closing took place on 1 April, with BNP Paribas Real Estate, Hamburg, brokering the sale.
Values was legally supported by Hogan Lovells International, Hamburg, while Cushman & Wakefield carried out the technical and ESG due diligence.
