Real estate investor in Hamburg – Union Investment buys office property for EUR 190 million

Real estate investor in Hamburg

Hamburg’s Hafen City is one of the largest urban development projects in Europe. By 2030, a new urban district is to be created here with housing for up to 14,000 people and 45,000 jobs, preferably in the office and service sectors. Old and new are already combined in Hafen City, whose highlight is the Elbe Philharmonic Hall. The location is a hotspot for real estate investments. The investor mentioned in this article is also part of our List of the largest property investors in Germany.

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Probably largest transaction in Hafen City 2020

The Ericus Contor in Hafen City was built in 2012 and is thus almost one of the older buildings in the district. The office building is located on Ericusgraben at the eastern tip of Hafen City, directly next to the well-known SPIEGEL publishing building. The 19,000 square metres of space are mainly occupied by offices that are let to solvent companies. The tenants include the Danish container shipping company Maersk and the fashion giant Chanel. The property is now changing hands for around EUR 190 million – probably one of the largest real estate transactions in Hafen City this year. The buyer is Union Investment, the fund company of the Volks- und Raiffeisenbanken, which is acquiring the property for its open-ended fund UniImmo Deutschland, a large real estate fund. The seller of the property is Augsburg-based Patrizia AG, a globally active real estate company from Bavaria. Patrizia offers real estate funds for institutional investors with a focus on residential and commercial properties. Source: Juve
Picture source: Unsplash

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