Barings has sold the Altes Klöpperhaus office building in Hamburg to Aviva Investors.
The Altes Klöpperhaus offers 8,370 m² of office space and is fully let. Built in 1902 for cotton dealer Wilhelm Klöpper, it is one of Hamburg’s most iconic Kontorhaus-type office buildings. The partly listed property was fully modernised in 2016. Located on Rödingsmarkt 9 in Hamburg’s inner city, various high streets, the City Hall and the Inner Alster Lake are in close proximity.
It is also connected to public transport with subway station Rödingsmarkt directly in front of the building and regional train station Stadthausbrücke just on the other side of the Alsterfleet canal.
READ ALSO : Aviva Investors buys office property in Hamburg
Barings had bought the Altes Klöpperhaus office building just after refurbishment in 2016 and has since raised occupancy in the building from 87 to 100 percent. It was one of the first assets acquired for the Barings European core strategy that targets stabilized, income-producing commercial and residential assets.
“Altes Klöpperhaus is a typical example where we bought off market from a developer with some upside through letting for one of our core strategies. The sale now has driven outperformance for our clients. We will continue to invest alongside or close forward transactions with developers in the logistics and residential space in Germany as well as investing in existing buildings,” said Sascha Becker, Managing Director and Country Head Germany at Barings.
“We have completed some transactions across Europe that were initially acquired with a core/core+ profile but have delivered value-add returns. This is mainly driven by rental growth initially identified by in-house research, lease-up strategies or positive overall market development. For our core and value-add investment strategies we are currently looking across Europe, mainly for office, logistics and residential sectors,” added Gunther Deutsch, Managing Director Germany and Head of Transactions Europe at Barings.
