The Cells Group has bought the Atrium Office in Hamburg from Savills Investment Management for the Kuwaiti sovereign wealth fund.
The listed building at Glockengießerwall 21/22 has around 16,000 square meters of rental space.
The asset deal was financed entirely with equity capital. It was agreed not to disclose the purchase price. The transfer of benefits and burdens is planned for Quarter 1, 2024.
Located in Hamburg’s Central Business District between the main railway station and the city centre, Atrium Office was constructed in 1908 and was also extended in the 1950s. It was part of special fund Savills IM Real Invest 1.
The current main tenant is a leading global food and agricultural group.
Cells CIO Dirk Ruppert says, “We are pleased to be able to make another investment in Hamburg in the current market environment and would like to thank the seller for the quick and trusting cooperation.
“The property fits perfectly with our strategy of acquiring medium-term cash flow with long-term development potential in inner-city locations. We see further such acquisition opportunities in major German cities and plan to invest 500 million euros in 2024 and 2025.”
Tim Ulrich MRICS, Head of Transaction Management Germany at Savills IM, says, “We acquired the historic building in 2015 for our institutional real estate special fund, Savills IM Real Invest 1. Certain parameters of the object no longer fit the core strategy of the Club Deal Fund. That is why we decided to sell it in order to secure the target-oriented return achieved so far for investors.”
Colliers acted as broker in the transaction. Cells Group received legal advice from HFK. Savills IM received legal and tax advice from CMS and also technical advice from Arcadis.
The image is credit of Google Maps.
