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Warburg-HIH
Invest Real Estate GmbH (Warburg-HIH Invest) just sold an office scheme
located on Schäferkampallee in Hamburg’s borough of Emsbüttel to an
investment fund initiated by Berenberg.
Raised
in 1953 and fully occupied, the multi-tenant building of five to six
floors has a gross lettable area of around 8,270 square metres and comes
with 71 parking spots. Main tenant in
the property is the FOM University of Applied Sciences for Economics
and Management, which occupies its premises on a long-term lease of more
than ten years. Overall, the property is home to six different tenants.
The weighted average remaining lease term
(WALT) is 7.1 years. The sale was transacted on behalf of an
occupational superannuation scheme for whom Warburg-HIH Invest had
acquired the building via a property vehicle in 2012. At the time, the
WALT had equalled around 4.5 years only, while the occupancy
rate was about 86 percent. It was agreed not to disclose the selling price.
In 2012, the building had been converted into a prestigious office and
higher education centre by the internationally renowned architect Jürgen
Herrmann Mayer.
The
façade was completely overhauled at the time, among other things.
Moreover, the alterations combined with an aspirational design plan for
the open areas, which feature oversized tree
sculptures.
The property is located in the immediate proximity to the inner city and
has very easy access to the local transportation network. The
underground stop “Schlump” lies directly out front, while the
“Sternschanze” rapid-transit station is just a short walk away.
Image and Source : Company