German investor Real IS has sold the Georgstor office building in Hamburg to global investor and developer Hines for a figure believed to be circa €115 mln.
The property was bought in 2013 for the specialized real estate fund BGV V and almost 90% of the 24,000 m2 space is let.
The office complex, which was finished in 2011, is situated at Steindamm 96-100 in Hamburg's St. Georg neighborhood and is certified according to the Silver standard of the German Sustainable Building Council (DGNB).
The building has ten storeys above ground, a basement with two underground levels and a subterranean garage.
Axel Schulz, global head of investment management at Real IS, said: ‘We are delighted that in spite of the tense market environment which results from rising interest rates and geopolitical uncertainty, we have nevertheless been able to carry out the sale of the Georgstor building in line with our investment strategy.’
The building has excellent public transport links, with Hamburg’s central station, shops and leisure facilities within walking distance.
Norton Rose Fulbright LLP acted as legal and tax advisors, Drees & Sommer was in charge of the technical risk analysis, while JLL and Lottum & Schultz were responsible for data preparation and management.