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

The office space available is around 29,000 square metres and a further 3,000 square metres for storage space and a canteen. The multi-tenant complex includes 650 car parking spaces. The occupancy rate of the commercial property, built in 1993, is 65 percent and a WALT of around four years. Becken Asset Management GmbH was mainly responsible for the deal for Becken Unternehmensgruppe. 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 metres, we can meet the strong demand for large office space on the Hamburg 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 areas offer significant potential for implementing a variety of area concepts. Special measures are planned to revalue the property and reposition it on the market." The Deelbögenkamp office complex is located between the airport and the city centre and also has good public transport connections via the nearby Lattenkamp underground station.

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