German real estate investment and development firm Values Real Estate has acquired a mixed-use asset in Hamburg from private equity real estate investment manager Meyer Bergman.
Financial details were not disclosed.
Montblanc House was acquired by Meyer in late 2018 on behalf of its third value-add closed-ended fund Meyer Bergman European Retail Partners III (MBERP III).
The 7,200 m2 property is anchored by fashion chain Weekday, homeware retailer Granit and various gastronomy concepts as ground-floor tenants. The six upper floors are fully occupied by a mix of office tenants.
Henning Zimmermann, managing director, Germany, at Meyer Bergman, said: 'Already one of the most exciting neighbourhoods in Hamburg thanks to its thriving culture and leisure scenes, Sternschanze has also emerged as a new commercial hub city thanks to an influx of new businesses and rising footfall.
'Together, these have made the area more attractive to occupiers and helped boost commercial rents.'
The sale of Montblanc House follows a number of successful transactions by Meyer Bergman in recent months despite the challenges posed by lockdown and Covid-19.
Last month, Meyer Bergman sold Toko, a former corporate headquarters in Paris transformed by Meyer Bergman into a mixed residential and commercial development, to DWS and La Française REM.
Marcus Meijer, CEO of Meyer Bergman, said: 'Despite the uncertainty caused by Covid-19, we have managed to complete a number of transactions during this uniquely challenging period, including the disposal of three high quality mixed-use assets, most recently in Hamburg.
'Thanks to the strength of our local team in Germany, we were able to identify an asset with strong reversionary potential, which the new owners of Montblanc House will be well positioned to take advantage of.
'Real estate as an asset class remains attractive to investors, and while coronavirus will accelerate existing trends impacting the way people work and shop, fundamentally there will always be demand for fixed workspace and physical retail, especially in core cities with strong underlying fundamentals such as Hamburg.'
Following the disposal, Meyer Bergman’s German portfolio includes an office asset in the Neukölln district of Berlin, residential-led assets in the Frankfurt city-region, a retail asset in central Potsdam. The investment manager is also looking to grow its exposure to last-mile logistics facilities in Germany through its urban logistics platform Crossbay.
