Carlyle, the US private equity group, has announced its fourth property development investment in the centre of Hamburg. In total, Carlyle is investing approximately €350 mln in the German port city.
Carlyle, the US private equity group, has announced its fourth property development investment in the centre of Hamburg. In total, Carlyle is investing approximately €350 mln in the German port city.
In its most recent move in Hamburg Carlyle has acquired the majority stake of the ‘BrahmsQuartier’ development for € 120 mln from Germany building company. Aug.Prien. The German company remains the minority investor and will be involved in the development and construction of the site.
The latest project is for an office building for 1,000 employees. The development with approximately 24,000 m2 space, will have two residential buildings of 5,000 m2 for 60-70 apartments as well as underground parking for 550 cars. Initial work began in June 2006.
Carlyle is investing in BrahmsQuartier through its second European real estate fund, Carlyle Europe Real Estate Partners II, a €760 mln fund. Clifford Chance advised Carlyle, and EuroHypo provided the financing.
Carlyle is currently developing a 10,000 m2 retail and office building in Hamburg, which it acquired in March 2005. In April 2006, Carlyle bought another office and retail asset in the city centre for redevelopment. Earlier in September Carlyle unveiled plans to build a new 114,800 m2 distribution centre for clothes retailer Hennes & Mauritz (H & M) in Hamburg.
Carlyle Europe Real Estate has completed over 38 investments in Europe involving over 300 properties in France, Germany, Italy, Spain, the UK, Belgium and Denmark.