With constant rental income, real estate offers easily calculable and comparatively secure returns. This is all the more true if the tenant is a public institution and has a long-term lease. This is precisely the case with the office building recently acquired by Hamburg-based Warburg-HIH Invest in Kiel’s Schreventeich district. This article is based on the unique List of the 400 largest German real estate investors in Germany.
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Purchase for the real estate fund Norddeutscher Versorgungswerke
The “KHW 105” property was already built in 1994. “KHW 105” stands for “Kronshagener Weg 105” – the address. It is a complex of buildings with four to six storeys, clad with red clinker bricks and consisting of several wings. It offers a total lettable area of 22,500 square metres, plus around 560 car parking spaces. Over 90 percent of the rental space is intended for office and administrative use. The property is conveniently located and very well connected to public transport.
With the Bundesanstalt für Immobilienaufgaben, there is a solvent main tenant who occupies around 75 percent of the space. The Federal Agency acts as a tenant for various authorities that use the property. The remaining space is also leased on a long-term basis. The average remaining rental period is ten years. The prospects for a follow-up lease in the public authority sector are excellent.
Warburg-HIH Invest Real Estate acquired the property from the HBB Group, a Hamburg-based project developer and real estate company. The parties have agreed not to disclose the purchase price. Warburg-HIH Invest Real Estate is part of the traditional Hamburg private bank M.M.Warburg & CO (AG & Co.). The bank has been in existence since 1798 and its real estate subsidiary carries out real estate investments nationally and internationally within the framework of funds – primarily for institutional investors. It manages almost 300 properties in more than 70 funds with around EUR 11.6 billion in assets under management. The Kiel property was acquired for the Norddeutsche Versorgungswerke property fund.
Source: Finanzen.net Picture source: Unsplash