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.
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $86.5 billion in assets under management* as of March 31, 2017. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has more than 75,000 employees in approximately 450 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.