Hamburg, September 6, 2018 - The real estate company Becken, a specialist in the development, realization and long-term asset and investment management of commercial and residential properties, has acquired the Deelbögenkamp office ensemble in Hamburg from a joint venture of the financial investor publity AG. The ensemble consists of five building sections and is located on a plot of around 17,000 square meters at Deelbögenkamp 4 in the Hamburg Nord district. The rentable area is around 32,000 square meters, spread over five upper floors.

Around 29,000 square meters of office space are available as well as a further 3,000 square meters for storage space and a canteen. The multi-tenant complex includes 650 parking spaces. Built in 1993, the commercial property has an occupancy rate of 65 percent and a WALT of around four years. Becken Asset Management GmbH was primarily responsible for the deal on behalf of the Becken Group. The property was acquired as part of the company's Core Plus strategy. Olaf Drossert, Managing Director of Becken Asset Management GmbH, says: "Thanks to our good market penetration, we have succeeded in securing this attractive property in an off-market deal. With the currently available space reserves of around 10,000 square meters, we can meet the strong demand for large spaces on the Hamburg office market at a moderate price level in the short term."

Jens Hogekamp, Managing Director of Becken Asset Management GmbH, adds: "In the short and medium term, the space offers significant potential to implement a variety of space concepts. Special measures are planned to upgrade the property and reposition it on the market." The Deelbögenkamp office complex is located between the airport and the city center and also has good public transport connections thanks to the nearby Lattenkamp subway station.

The contracting parties agreed not to disclose the purchase price. Wiegel Ihde Ekrutt + Partner mbB provided legal and tax advice to the buyer. Colliers International Hamburg GmbH advised the buyer on this transaction and DLA Piper UK LLP advised the seller.