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Becken sells 32,000 square meter Hamburg office campus Area 5.0 to Austrian fund

• The buyer is the Austrian ERSTE Immobilien Kapitalanlagegesellschaft m.b.H.
• Sale after successful repositioning and full occupancy
• Around 32,000 square meters of floor space and 650 parking spaces
• Completion of the conversion work planned for Q1 2021
• Sale already took place during the "lockdown phase", closing in mid-October

Hamburg, October 15, 2020 - The real estate company Becken, a specialist in the development, realization and long-term asset and investment management of commercial and residential properties, has sold the Hamburg office campus Area 5.0 at Deelbögenkamp 4 to the Austrian ERSTE Immobilien Kapitalanlagegesellschaft m.b.H. Built in 1993 as a multi-tenant property, the office ensemble has a usable area of around 32,000 square meters. Of this, around 28,500 square meters are let as office space and around 2,600 square meters as canteen and storage space. Becken took over the five-building ensemble at the end of 2018 with an occupancy rate of 63%. "With the successful repositioning as 'Area 5.0', we have managed to extend existing leases and attract new tenants, thus achieving full occupancy after a short period of time," says Jens Hogekamp, Managing Director of Becken Asset Management. Well-known tenants include the freenet Group, TA Triumph-Adler, Norddeutscher Rundfunk and Dussmann Service Deutschland GmbH.

As part of the extensive modernization, which also includes a new fire protection concept, the almost 30-year-old property will be converted into a contemporary office campus with open-plan space, roof terraces, a lounge with coffee station and mobility options such as car sharing. The outdoor area will be designed as a car-free campus. Area 5.0 has been awarded gold Wired Score certification for its modern digital infrastructure. The construction work is scheduled for completion in the first quarter of 2021. "We acquired Area 5.0 at the end of 2018 as part of our value-add strategy and were able to significantly increase the attractiveness of the property within 18 months thanks to a number of measures. The result was a modern, lucrative investment property with a good tenant structure and a WALT of around 7 years," says Hogekamp. The sale took place during the "lockdown phase" in the first half of the year, with the closing taking place in mid-October.

Colliers International Hamburg acted as advisor to Becken Asset Management on the seller side. Legal advice was provided by WIE Partner. The buyer's side was advised by Forspol GmbH (technical advice) and Raschke von Knobelsdorff Heiser (legal advice) as well as by the brokerage firm Fritz und Buchholz.