Munich-based real estate investor buys office building in Bremen

Munich-based real estate investor buys office building in Bremen

Beluga Shipping was a German project and heavy lift shipping company that became insolvent in 2011. The former headquarters of Beluga is a striking building in Bremen and is centrally located in the Hanseatic city. The property has now been acquired by BNP Paribas Reim, the property investment subsidiary of the French banking group BNP Paribas. This article is based on the unique List of the 400 largest German real estate investors in Germany.

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From corporate headquarters to multi-tenant property

The office property had only been completed in 2009 – two years before the Beluga insolvency. The address Teerhof 59 is a prime location in Bremen on a narrow peninsula between the old and new town. With its clinker brick façade, which is based on the North German architectural style, the building already received architectural awards in 2010. Situated between the Weser and Kleine Weser, the building has an unobstructable view on both sides of the water and stands out in the cityscape. The property offers 9,000 square metres of rental space and an underground car park with 90 parking spaces. Eight storeys are above ground, two below, and the gross floor area is 17,000 square metres.

After the insolvency the sole user Beluga had to give up the object. It was converted into a multi-tenant property and is now used by several tenants, including an energy service provider and an office space provider. The seller of the property is BLB Immobilien, a real estate subsidiary of the former Bremer Landesbank, which was taken over by NordLB in 2018. BNP Paribas Reim (Reim = Real Estate Investment Management) pools the French banking group’s commercial real estate activities in Europe. The portfolio comprises over EUR 30.1 billion (as at the end of 2019) in building values. The Bremen investment is made for the BNP Paribas Opus Real real estate fund, which focuses on German office properties. Nothing is known about the purchase price.
Picture source: Unsplash

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