FRANKFURT, 05 February 2018 – CBRE Global Investors has sold the “K1 – Am Kaiserkai 1” mixed-use property in Hamburg to TRIUVA Kapitalverwaltungsgesellschaft mbH on behalf of a separate account client.
The modern, eight-storey office and retail asset, built in 2008, is home to ten tenants covering approximately 10,000 sqm of space. It is centrally located between the Sandtor and Grasbrook harbours – at one of the best office addresses in the HafenCity district – close to the Marco-Polo terraces and in walking distance of the iconic Elbphilharmonie concert hall.
“We bought the Kaiserkai from the developer shortly after completion in 2008 and successfully leased it out afterwards. With the sale, we are using the current auspicious market environment to realise attractive returns for our investors,” said Marius Schöner, Country Manager Germany at CBRE Global Investors. “As a proactive investment manager, we are continuously looking to create value and as result we both buy and sell assets in the current market environment. We aim to invest at least EUR500m in Germany this year. In inner-city locations, we are increasingly interested in mixed-use quarters with a core to value-add risk profile and together with our investors, will continue to examine disposal opportunities.”
The transaction was brokered by JLL and Clifford Chance and Drees & Sommer acted as advisors on behalf of the seller and Ashurst and Arcadis on behalf of the buyer.
Hamburg’s HafenCity is the largest inner-city urban quarter development in Europe at the moment. Until the beginning of the 2030s, residential units for up to 14,000 inhabitants, around 3,000 hotel rooms and workspaces for 45,000 people will be developed on the 157-ha terrain of the former freeport. The HafenCity University will also be located at the site.
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About CBRE Global Investors:
CBRE Global Investors is a global real asset investment management firm with $98.3 billion in assets under management* as of September 30, 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 asset-related investments 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 assets; equity in funds and joint ventures; securities portfolios; operating companies and real asset-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real asset market, and its calculation of AUM may differ from the calculations of other asset managers.