Hamburg, June 18, 2019 - German project developer Becken has sold its Hamburg project development "Charlie Mills Quarter" to Bayerische Ärzteversorgung as part of a forward deal. By the second quarter of 2021, Becken will have built 274 rental apartments on six full storeys and one staggered storey in the Hamburg district of Farmsen in the detached property. 56 of the residential units will be let at a rent-controlled rate with a maximum permissible rent of EUR 9.50 per square meter. In addition to the approximately 20,900 square meters of residential space, four commercial units with an area of around 390 square meters are being built on the corner of Friedrich-Ebert-Damm 243 and Charlie-Mills-Strasse.

Dominik Tenhumberg, Managing Director of Becken Development GmbH, says: "We are delighted to be building this special residential quarter in Hamburg-Farmsen with its extraordinary façade. With its cubature and façade, which were developed in close consultation with Hamburg's Chief Building Director, the new building fits perfectly into the urban environment." Dieter Becken, Managing Partner of Becken Holding GmbH, adds: "We have voluntarily committed to bringing 20 percent of the residential units onto the Hamburg rental market with a maximum net cold rent of EUR 9.50 per square meter. It was important to me that the future owner also accepts our voluntary commitment. We have found a reliable partner in Bayerische Ärzteversorgung."

Bayerische Ärzteversorgung was represented in the purchase by Bayerische Versorgungskammer. Norman Fackelmann, Head of Investment Real Estate Management at Bayerische Versorgungskammer, says: "The high-quality furnishings of the apartments and the well thought-out floor plans of the rental units as well as the proportion of rent-controlled apartments make this an attractive investment for us. At the same time, we are delighted to have made another investment in Hamburg, which is an exciting location for us."

Future tenants will have 147 underground parking spaces at their disposal. In addition, a separate underground garage with 109 parking spaces will be built for the neighbor, Deutsche Rentenversicherung Nord. Jones Lang LaSalle acted as seller's agent for the transaction. trûon Rechtsanwälte LLP from Hamburg acted as legal advisors.