Aviva Investors has acquired, on behalf of one of its clients, an office property comprising two interconnected buildings in Hamburg’s Alexanderstraße 1, from Quest Investment Partners.
The building, which together totals approximately 13,200 sq m of lettable floorspace, is fully let to the Municipality of Hamburg as part of a 20-years lease agreement. The rooms are home to the University of Applied Sciences (HAW), Hamburg’s second largest university, which also uses some of the spaces as offices.
Originally two buildings built in 1950 and 1979, the property was subsequently modernised in 2010. It is located in Hamburg’s central St. Georg district close to Lake Alster – between the central train station and the Berliner Tor office and business centre – and offers excellent public transport connections. Premium hotels such as the Grand Hotel Atlantic Kempinski and Le Méridien are all within walking distance, as are the two main shopping streets of Mönckebergstraße and Spitalerstraße, as well as theatres, galleries and the Kunsthalle art museum.
“We are pleased to make a new deal with the transactions team of Aviva Investors, following Neue Burg 1. The sale of this core property confirms our strategy of focusing on central locations in Germany’s top 4 cities,” says Luis Walther-Kraft, Head of Transactions & Partnering at QUEST Investment Partners.
Grégoire Bailly-Salins, Head of Transactions Continental Europe at Aviva Investors, added: “This acquisition adds to our existing portofolio of assets under management in Hamburg, including Neue Burg 1, ABC Straße 35 and Dornbusch 2 – 4. St Georg is an established location in the city, which already attracts core investors and large corporate tenants. We believe this submarket will improve further over the coming years, and add to the long-term potential of our portfolio under management.”