CBRE Global Investors, on behalf of a Korean Institutional separate account client, has acquired Fleet Office II, City-Sud, Hamburg. The brand new Grade A office building was acquired from Becken.
The core asset was built in 2016 and totals 20,246 sq m including 153 parking spaces. It comprises 11 floors and is occupied by eight tenants with a WAULT of approximately 10 years.
Hamburg, the economic centre of North Germany is a major business/trade hub, as the third largest port in Europe. City-Sud is an established office location in Hamburg and the asset is situated in a prime location in this submarket. The office has excellent accessibility by multiple modes of transport including the metro.
Myles Sanger, portfolio manager, CBRE Global Investors said: “This quality asset offers our client secure diversified income with a favourable lease expiry profile. The investment market and economy in Germany is the strongest in Europe, and Hamburg is one of its largest, stable and most liquid office markets. We are pleased that we can add this desirable asset to our client’s portfolio.”
“As we approach the end of the first half of the year, we are well on our way to hit the acquisition target set for Germany in 2017. We are constantly looking for special opportunities like Fleet Office II and we are proud to have secured this asset for our client”, commented Ulrich Oppermann, head of Transactions Germany, CBRE Global Investors.