Project developer and investment manager Values Real Estate has acquired an office leased to Google in Hamburg, on behalf of institutional fund BVK-Values-Immobilienfonds-CBD, an individual mandate for Values from pension fund giant BVK.
Financial details were not disclosed but market sources say the price is around €150 mln.
Trophy asset ABC-Bogen was sold by Blackstone which acquired its interest as part of the takeover of Dream Global REIT. It comprises 15,000 m2 of rental space over eleven floors and 140 parking spaces and is 95% let to Google Germany, with another tenant occupying 4% of the space.
The iconic property was completed in 2000 by architect Hadi Teherani.
Dr. Carsten Fischer, co-founder and CEO of Values, said: 'We are very pleased with the successful transaction. The special architecture, the prime inner-city location and the main tenant Google make ABC-Bogen a trophy property with an attractive long-term perspective.'
Norman Fackelmann, head of real estate at BVK, said: 'Purchases like this fit perfectly with the fund strategy that we are pursuing with Values. We are looking for high-quality properties that fit our long-term value enhancement strategy and generate reliable income.'
BVK-Values-Immobilienfonds-CBD invests in attractive inner-city locations of the 'best' 25 medium-sized and regional cities in Germany, with a core / core plus investment risk.
BNP Paribas Real Estate and Hengeler Mueller advised the seller.
Mayer Brown LLP, Hamburg and eight + Baumanagement und Immobilienberatung Berlin acted as advisors for Values Real Estate.
Pbb Deutsche Pfandbriefbank has provided an €80 mln loan for the acquisition.
