German fund manager Hesse Newman has announced the launch of a new closed-end fund, Classic Value 4, which will invest in a green mixed-use scheme in Hamburg.

When completed in February 2012, the asset will offer 18,500 m2 of office and retail space and 300 parking spaces in the new '21' district of the city. The property is leased to end- 2024 to tenants including Hochtief and Rewe. The complex has also achieved a 'Silver' pre-certificate from the German Sustainable Building Council (DGNB).

Classic Value 4 is spending around EUR 69 mln to buy the complex, including EUR 33 mln of equity. The fund aims to distribute 5.75 - 6% per annum