Office scheme in Hamburg sold to Warburg-HIH Invest Real Estate

Office scheme in Hamburg sold to Warburg-HIH Invest Real Estate
Image: Courtesy of ECE

Warburg-HIH Invest Real Estate has bought Campus Hamburg, a six-storey new-build office scheme located in the district of Barmbek-Nord, from vendor ECE.

Currently under construction at Fuhlsbüttler Strasse 431, the Hamburg office building will have a gross lettable area of around 26,000 square metres plus around 350 underground parking spots.

The multi-tenant property will be anchored by two banks belonging to the French Société Générale Group, who have signed leases for 15-year terms.

About 12,180 square metres will be occupied by an automotive bank, Bank Deutsches Kraftfahrzeuggewerbe GmbH (BDK). Hanseatic Bank has rented about 8,110 square metres. The completion is scheduled for spring 2022. The acquisition took the form of an asset deal. It was agreed not to disclose the selling price.

“The property is characterised by its attractive location within a rapidly evolving submarket of Hamburg. By achieving a high level of pre-lets to strong tenant covenants, we managed to secure a stable and long-term cash flow even in the early phase of the property development. In addition, the building with its modern energy concept qualifies as a sustainable investment,” said Hans-Joachim Lehmann, Managing Director of Warburg-HIH Invest.