News

Becken sells 32,000 square metres of the Hamburg office campus Area 5.0 to Austrian funds

• The buyer is Austrian ERSTE Immobilien Kapitalanlagegesellschaft m.b.H.
• Sale after successful repositioning and full letting
• Around 32,000 square metres of usable space and 650 car parking spaces
• Completion of conversion measures planned for Q1 2021
• Sale was already made during the lockdown phase, closing in mid-October

Hamburg, 15 October 2020 : The real estate company Becken, specialist for the development and realisation as well as 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. The office ensemble, built in 1993 as a multi-tenant property, has a usable space of around 32,000 square meters. Approximately 28,500 square meters of this space will be rented as office space and approximately 2,600 square meters as canteen and storage space. Becken took over the ensemble comprising five buildings at the end of 2018 with an occupancy rate of 63 percent. "With the successful repositioning as 'Area 5.0', we have succeeded in extending existing leases and attracting new tenants and 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.

In the course of the extensive modernisation, which also includes a new fire protection concept, the almost 30-year-old property will be converted into a contemporary office campus with open-space space, roof terraces, lounge with coffee station and mobility offers such as car sharing. The outdoor area will be designed as a car-free campus. For the modern digital infrastructure, the Area 5.0 received a Wired Score certification in gold. The completion of the construction measures is planned for the first quarter of 2021. "We had acquired Area 5.0 at the end of 2018 as part of our value-added strategy and were able to significantly increase the attractiveness of the property within 18 months through 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 already during the "lockdown phase" in the first half of the year, and the closing was in mid-October.

Colliers International Hamburg acted in an advisory capacity for Becken Asset Management on the seller side. The 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 house Fritz and Buchholz.