Savills IM sells mixed-use Domkontor D10 asset in Hamburg
23 March 2021
International real estate investment manager Savills Investment Management (Savills IM) has concluded a purchase agreement on behalf of the Savills IM European Office Fund (EOF) for the Domkontor D10 office and retail building in Hamburg's Old Town. Caleus Capital Partners has bought the fully let property at a purchase price significantly higher than the original acquisition price. The closing will take place within the next few months.
(7).jpg)
The eight-storey office and retail building is located in the heart of Hamburg, directly on Domplatz with Mönckebergstraße, Jungfernstieg and Neuer Wall in the immediate vicinity. The historical complex – which has been part of the EOF portfolio since 2015 – consists of two components across c. 6,900 sq m and was completely refurbished in 2014, with two floors added. The building is fully let to About You, Design Offices and Team 7, and has achieved LEED Gold certification.
Roland Maria Döhn, Managing Director at Savills Investment Management KVG GmbH, says:
“We are pleased to have been able to sell Domkontor D10 profitably on behalf of our investors. We took advantage of the positive market environment, which is characterised by strong demand for high quality office properties in prime locations. Thanks to the complete refurbishment in 2014, the fully leased core property has an attractive new building standard with modern and flexible space, while also preserving the historic Hanseatic character through the two listed facades.”
Tim Ulrich, Deputy Head of Transaction Management Germany at Savills IM, adds:
“The office and retail building benefits from a central location on Domplatz in the heart of Hamburg in many ways: The top shopping streets are in the immediate vicinity, as are various restaurants and cafes; the connections with public transport are excellent; and exclusive project developments in the quarter such as Nikolai Insel will contribute to further upgrading the prime location in the short and medium term. High quality office space is in high demand in the Hamburg market, while the vacancy rate is extremely low.”
Savills and BNP Paribas Real Estate acted as intermediaries in the transaction, and Savills IM was advised legally by CMS Hasche Sigle and technically by CBRE. Caleus Capital Partners was legally advised by P+P Pöllath + Partners and technically advised by GFP Real Estate Concepts.
EOF, launched in 2009, was designed for German institutional investors. It is invested in third-party, modern office properties in Europe and is in the disinvestment phase.
CONTACT US
Citigate Dewe Rogerson
Patrick Evans |
Stephen Sheppard
+44 (0)20 7025 6400
SavillsIM@citigatedewerogerson.com