Hamburg, 21.12.2016. The Hamburg real estate company Becken is selling the residential project development "Meine Königsreihe" with 119 rental apartments, two commercial units and 84 underground parking spaces in the Hamburg-Wandsbek district to MEAG. Completion is scheduled for the end of 2018.

After Becken Development GmbH completed the neighbouring "Mühlenquartier" with around 14,000 square metres of residential, office and retail space in the middle of this year, the second project in the sought-after Brauhaus quarter will now be completed by 2018. The residential project development "Meine Königsreihe" was successfully sold to MEAG even before construction began.

Dieter Becken, Managing Director of Becken Holding GmbH: "In our opinion, the Brauhausviertel can tolerate even more residential construction, and the entire infrastructure is virtually predestined for it. In this respect, we are particularly pleased to create further sustainable living space in Wandsbek with this housing project.

After MEAG has already acquired residential projects on Cremon Island and Holsteinischer Kamp in 2013 and 2014, this is the third acquisition of a residential project development in Hamburg. MEAG appreciates the attractiveness of Hamburg as a location and the easily calculable long-term income from letting apartments.

Dr. Hans-Joachim Barkmann, Managing Director of MEAG: "We are delighted to have another attractive residential complex in Hamburg. The excellent location and first-class facilities make this project an attractive long-term investment. In addition, our investment will help to ease the pressure on the demanding rental housing market in Hamburg".

The total living space of the quarter is around 9,300 square metres. All apartments have high-quality furnishings and compact, well thought-out floor plans. In addition, around 330 square meters of commercial space is being created at the corner of Königsreihe/Wandsbeker Königsreihe, which is to be leased to retailers and service providers for local public supply. The location near the underground and suburban railway station Wandsbeker Chaussee borders directly on the Mühlenteich, the shopping centre "Quarree Wandsbek" is only four minutes' walk away.

The Becken Group was advised by trûon Rechtsanwälte LLP from Hamburg and the transaction was accompanied by Grossmann & Berger.