German investment manager Warburg-HIH Invest Real Estate has acquired the fully occupied Stapelwerk Campus in Hamburg from Aurelius Meindorf in a share deal.
Financial details were not disclosed.
The business campus at Meiendorfer Strasse 205 constitutes six buildings with a lettable area of over 26,500 m2 on a 50,000 m2 site.
Usage types include offices, research, light manufacturing and storage. Four of the buildings, which were constructed or underwent core-and-shell refurbishment between 2016 and 2020, are home to eleven tenants. The weighted average remaining lease term is about nine years.
The main tenants, on long-term leases, include industrial scales manufacturer Minebea Intec, and the employment office of Hamburg and the city's Labour Agency. Among the other tenants are the German Red Cross, Asteelflash Design Solutions, Preussen Elektra, Moritz Keller and Testo Industrial Services.
Hans-Joachim Lehmann, managing director of Warburg-HIH Invest, said: 'The business campus is characterised by a great location and a diversified mix of high-net-worth tenants.
'The existing premises are of a type that is hard to find on the rental market and, unsurprisingly, in strong demand as a result. Moreover, the site offers considerable development potential. The effective local development plan permits a gross floor area of around 79,000 m2, of which only around 26,500 m2 have been realised so far.'
Legal due diligence on the buyer side was performed by CMS Hasche Sigle, with tax due diligence by Ebner Stolz. Schwab Engineers was responsible for the technical due diligence, including the ESG criteria. The property development was done by P3 Hamburg's Pekrul ProjektPartner.
