German developer and investor Values Real Estate has acquired an office building 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 Thomas Daily places the price in the €60 mln range.
The office building at Rödingsmarkt 16, in downtown Hamburg, comprises 7,600 m2 of rental space and 25 parking spaces. It is fully let to sole tenant SGS Group, a testing and certification company, which will vacate the building later this year.
The ten-story building is located directly on the Alsterfleet between downtown Hamburg and the Speicherstadt. It was designed by architecture firm BRT Bothe Richter Teherani and completed in 2011.
Carsten Fischer, co-founder and CEO of Values, said: 'The excellent downtown location, the appealing architecture and the new top condition make this property an excellent investment. In addition, we will use the opportunity to increase value through the planned new letting.'
Norman Fackelmann, head of Real Estate Management at BVK, said: 'The property on Rödingsmarkt in Hamburg is another example of Values Real Estate's exclusive access to properties in prime inner-city locations. We are convinced that this property fits perfectly into our long-term value enhancement strategy and that it will generate reliable income.'
The fund focuses on prime inner-city locations across what it considers the 25 best medium-sized and regional urban centres, with a core / core plus investment risk.
Cushman & Wakefield Hamburg brokered the sale of the property.
GSK Stockmann, Hamburg and eight + Baumanagement und Immobilienberatung, Berlin acted as advisors for Values Real Estate. The seller was assisted by PwC.
