German investment manager Warburg-HIH Invest Real Estate has acquired Campus Hamburg, a six-storey new-build office scheme, in an asset deal with ECE.
Financial details were not disclosed, but media reports suggest a price in the €150 mln range.
Currently under construction at Fuhlsbüttler Strasse 431 in the district of Barmbek-Nord, the office building will have a gross lettable area of around 26,000 m2 plus around 350 underground parking spots.
The multi-tenant property will be anchored by two banks belonging to the French Société Générale Group, which have signed leases for 15-year terms. About 12,180 m2 will be occupied by an automotive bank, Bank Deutsches Kraftfahrzeuggewerbe GmbH (BDK). Hanseatic Bank has rented about 8,110 m2. The completion is scheduled for spring 2022.
Hans-Joachim Lehmann, managing director of Warburg-HIH Invest said: 'The property is characterised by its attractive location within a rapidly evolving submarket of Hamburg. By achieving a high level of pre-lets to strong tenant covenants, we managed to secure a stable and long-term cash flow even in the early phase of the property development.
'In addition, the building with its modern energy concept qualifies as a sustainable investment.'
The scheme, which is targeting DGNB Gold certification, is characterised by energy-efficient cooling and heating, facilitated by the use of energy floors and air-to-water heat pumps. The property integrates the listed Langer Jammer terraced housing complex, whose garden, that includes heritage trees, has been restored to its original state.
Savills acted as adviser to the vendor. The legal and tax due diligence on the buyer side was conducted by Ashurst; the technical due diligence by ES Enviro Sustain.
ECE received legal advice from Trûon Rechtsanwälte during the transaction.
