March 11, 2021
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Becken receives the Real Estate Manager Award in the Investment category for its "Area 5.0" project
- Hamburg, March 11, 2021. The real estate company Becken was honored 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 complex into an absolute top investment," was the verdict of the jury 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 recognized the extensive refurbishment of AREA 5.0 into a sustainable and established office campus with the award in the Investment category." He added: "The award confirms our property and value enhancement strategy."
The Hamburg office ensemble was purchased in the third quarter of 2018 and was sold as a stabilized investment product to an Austrian fund for around 125 million euros in October 2020 after just two years. The repositioning increased the occupancy rate from 65% to around 100% and, at the same time, raised the average office rent to around EUR 13 The average remaining lease term almost doubled to just under 7 years. The sale resulted in a very good return on investment.
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20354 Hamburg
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