LaSalle acquires office and commercial building in Hamburg

MÜNCHEN (August 23, 2016) – LaSalle has made its second acquisition in Germany on behalf of the French public service additional pension scheme, L’Etablissement de Retraite additionnelle de la Fonction Publique (“ERAFP”). 

The acquisition, which was made within the scope of a recently awarded 10-year investment mandate with the aim to invest in core and core+ assets, comprises a thoroughly refurbished office and commercial building. The property was sold by Norddeutsche Grundvermögen.

The thoroughly refurbished building provides c5.700 m² of modern lettable floor space, 75% of which has already been let to several tenants across various industries. The property includes high standard furnishings and offers tenants a flexible and efficient workspace. It benefits from excellent transport links and a direct view looking on to the river Elbe, the restored museum ship - Cap San Diego, and the port of Hamburg.

The selection criteria for acquisitions on behalf of ERAFP, includes the presence of sustainable development or the potential to upgrade sustainability levels. The property complies with these criteria and thus fits well in the investment strategy of the client.  

Torsten Bischoff, Head of Acquisitions in Germany at LaSalle Investment Management, commented: “This transaction is indicative of our strategy to invest in high quality and sustainable properties with potential to develop. The Hamburg market is of particular importance for such investments; due to its dynamic market activities and strong fundamentals, it often provides attractive opportunities. Against this backdrop, we aim to increase our Hamburg stock considerably over the coming 18 to 24 months.”

LaSalle was advised by Jebens Mensching, WTS and Valteq. The seller was advised by CMS Hasche Sigle. IAM Immobilien Asset Management acted as a broker.