Prime Office Asset in Hamburg’s Neustadt District Attracts Family Office Buyer
HIH Invest Real Estate GmbH (HIH Invest), a leading real estate investment manager, has successfully sold the Michelkontor office building in Hamburg’s Neustadt district to PAMERA Real Estate Partners GmbH, a renowned real estate family office. The transaction highlights the continued demand for high-quality office assets in Class A cities like Hamburg.
The Michelkontor property, located at Englische Planke 2, is a modern office building with a lettable area of 4,630m². Built in 2002 by Quantum AG, the property has been under HIH Invest’s management since 2014, following its acquisition on behalf of the Norddeutsche Versorgungswerke superannuation scheme. The asset includes 4,600m² of office space, 30m² of storage, and 36 underground parking spaces, and is fully occupied by prominent tenants such as Barmenia AG health insurance and Dachser SE logistics.
Key Highlights of the Sale
- Prime Location: Situated in Hamburg’s sought-after Neustadt district, Michelkontor benefits from proximity to the city’s business hubs and amenities.
- High Occupancy: During HIH Invest’s tenure, the building’s occupancy rate was raised to 100%, ensuring strong income stability for the property.
- Attractive Asset: The fully leased property offered a compelling investment opportunity for PAMERA, showcasing the appeal of premium office spaces to family office investors.
Transaction Facilitated by Grossmann & Berger
The sale was facilitated by Grossmann & Berger, a leading real estate consultancy firm. While the selling price remains undisclosed, the transaction underscores the resilience and appeal of the Hamburg office market amidst evolving market conditions.
Conclusion
The sale of Michelkontor marks another milestone for HIH Invest, demonstrating their ability to deliver excellent returns for clients while catering to the evolving demands of the real estate market. This transaction not only highlights the ongoing appeal of Hamburg’s office sector but also sets a benchmark for future deals in the region.
Image Source: HIH Invest