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Becken sells "Yours" project development in Hamburg-Wandsbek to HanseMerkur Grundvermögen

• HanseMerkur Grundvermögen AG secures the "Yours" for special real estate funds
• Becken builds 117 apartments and ten commercial units in the Brauhausviertel district
• Scheduled construction progress and completion by June 30, 2021

Hamburg, October 22, 2020 : The Hamburg-based real estate company Becken is selling its third project development in Hamburg-Wandsbek. The nationwide specialist for the development and realization of commercial and residential properties concluded the contract for the sale of "Yours" as part of a forward deal with HanseMerkur Grundvermögen AG. Construction work on the residential and commercial building in the Brauhausviertel district began a year ago. The building block with four full storeys and one staggered storey is scheduled for completion on June 30, 2021.

The investment and asset manager of HanseMerkur thus secured a new building with 117 apartments and ten commercial units in an urban location at an early stage. Becken is building a total of 5,735 square meters of rental space in "Yours", including 4,500 square meters for one- to two-bedroom apartments and 1,235 square meters for commercial use. The compact apartments with modern floor plans offer 30 to 55 square meters of living space and high-quality furnishings. They are located on the first to fifth floors. Ten commercial units are planned for the first floor. The building also includes an underground garage with 18 parking spaces.

"The early sale during the construction phase shows that the construction of mixed-use residential buildings is in demand among investors. We are delighted with the forward deal with a Hamburg-based partner, HanseMerkur Grundvermögen AG, which seals an attractive investment for both buyers and sellers," says Dominik Tenhumberg, Managing Director of Becken Development GmbH. Katrin Ewald, Deputy Head of Investment at HanseMerkur Grundvermögen AG, emphasizes: "The availability of living space in a central and urban location in the Hamburg metropolis and Becken's high quality standards are important investment criteria for us. The modern residential and commercial building is in many respects a very good addition to our special real estate fund HMG Grundwerte Wohnen PLUS III."

Tenhumberg explains: "The collaboration with Schenk und Fleischhaker Architekten from Hamburg and the construction company Ditting GmbH & Co. KG has been extremely good. We will hand over the new building to the new owner on schedule and on time on June 30, 2021." Tenhumberg also reports that the letting of the commercial units for store and office use has already begun. BNP Paribas Real Estate advised the seller on the transaction. trûon Rechtsanwälte LLP from Hamburg acted as legal advisors. Becken had previously completed two project developments in Hamburg's Brauhausviertel, the "Mühlenquartier" and the "Mühlenquartier - Meine Königsreihe", and sold them to real estate investors. With "Yours", Becken has invested a total of around 133 million euros in the Brauhausviertel.