PATRIZIA sells iconic office building in Hamburg to Union Investment

PATRIZIA sells iconic office building in Hamburg to Union Investment

PATRIZIA AG has sold the iconic Ericus-Contor office building in Hamburg, Germany, to Union Investment Real Estate GmbH. The purchase price was not disclosed.

The largest single real estate transaction by value in Hamburg this year, says PATRIZIA in a press release. Ericus-Contor is a modern landmark office building located at the opening of the HafenCity in Hamburg, the largest inner-city urban development project in Europe.

Designed by award-winning architectural firm Henning Larsen, the asset comprises c. 18,900 sq m of space across nine floors, which is fully let to a range of occupiers including Chanel, Maersk and Hapag-Lloyd. Completed in 2012, Ericus-Contor has DGNB platinum certification, highlighting its sustainability credentials.

PATRIZIA acquired the Ericus-Contor in 2014 and following a programme of active asset management has now completed its business plan for the property.

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“This sale of a landmark trophy asset in one of Germany’s leading cities is evidence of the continued demand from buyers looking for quality core real estate assets like Ericus-Contor, even during these challenging times. Since acquiring the property in December 2014, the HafenCity district has grown from strength to strength, which has enabled us to crystallise positive returns for our investors,” said Philipp Schaper, Head of Transactions Europe at PATRIZIA.

The transfer of rights and obligations (closing) is scheduled for June 2020. Union Investment was advised on the transaction by Linklaters and P+P Pöllath + Partners. PATRIZIA was advised by Hogan Lovells and BNP Paribas Real Estate.