22 October 2020

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

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

Hamburg, 22 October 2020 : The Hamburg real estate company Becken is selling its third project development in Hamburg-Wandsbek. The specialist for the development and realization of commercial and residential real estate active throughout Germany concluded the contract for the sale of the "Yours" in a forward deal with HanseMerkur Grundvermögen AG. Becken began construction work on the residential and commercial building in the Brauhaus district a year ago. The building is scheduled for completion on June 30, 2021 with four full floors and one staggered floor.

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 constructing a total of 5,735 square meters of rental space in the "Yours", 4,500 square meters of which are for one- to two-room 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 fittings. They are located on the first to the fifth floor. Ten commercial units are planned on the ground 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 highly sought after by investors. The forward deal with a Hamburg-based partner, HanseMerkur Grundvermögen AG, makes us very happy and seals an attractive investment for both buyers and sellers," says Dominik Tenhumberg, Managing Director of Becken Development GmbH. Katrin Ewald, Deputy Head of the Investment Division at HanseMerkur Grundvermögen AG, emphasises: "The range of available residential space in a central and urban location in the Hamburg metropolis and the high quality standards of Becken 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 cooperation with Schenk und Fleischhaker Architekten from Hamburg and the construction company Ditting GmbH & Co. KG is 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 leasing of the commercial units for shop and office use has already begun. BNP Paribas Real Estate supported the transaction on the seller's side. The legal advisors were trûon Rechtsanwälte LLP from Hamburg. Becken had previously completed two project developments in Hamburg's brewery quarter, "Mühlenquartier" and "Mühlenquartier - Meine Königsreihe", and sold them to real estate investors. With the "Yours", Becken has invested a total of around 133 million euros in the Brauhausviertel.