11 March 2021
Contact person for the press
Becken receives the Immobilienmanager Award in the Investment category for its "Area 5.0" project
- Hamburg, March 11, 2021. The real estate company Becken has been honoured with the Immobilienmanager Award in the Investment category for its successful repositioning project "AREA 5.0 - Base for Business". "Becken Asset Management has succeeded in transforming an ageing office ensemble into an absolute top investment," was the jury's verdict at the award ceremony.
Jens Hogekamp, Managing Director of Becken Asset Management GmbH: "We are delighted that the expert jury of the Immobilienmanager Award has recognised the extensive refurbishment of AREA 5.0 into a sustainable and established office campus with the award in the Investment category." And further: "The award confirms us in our property and value enhancement strategy."
The Hamburg office ensemble had been purchased in the third quarter of 2018 and, after only two years, was sold to an Austrian fund in October 2020 as a stabilised investment product for around €125 million. With the repositioning, the occupancy rate was increased from 65 to around 100 percent and, in the same step, the average office rent was raised to around EUR 13 The average remaining lease term almost doubled to just under 7 years. The sale generated a very good return on investment.