Hamburg / Berlin, 10.02.2025. Becken, a specialist in project development, revitalization, asset and investment management of commercial and residential properties, has acquired two listed existing buildings in Hamburg's city center office market zone, Colonnaden 21 and 25, as part of a joint venture agreement. The notarization was completed in November 2024. The economic transfer of benefits and encumbrances will take place in February 2025. The adjacent buildings with a total of around 2,500 square meters of rental space each have a basement and five upper floors. Most of the rental units are used as offices, while the first floor is used as commercial and retail space. Around 90 percent of both properties are let long-term to law firms, consultancies and associations. The approximately 620 square meter property of the two buildings is located directly on the prestigious shopping street and thus offers very good visibility and a renowned office location.

Becken has also contracted the mandate for services as a service developer. The aim is to revitalize and market the patrician semi-detached house built in 1878/1879. The agreement includes the following services: Asset management, sales & marketing, financing, project strategy, property upgrading through appropriate capex measures and vacancy reduction.

The joint venture partners and majority shareholders are affiliates of Landfair Capital Group AG ('Landfair Capital'). Landfair Capital was founded in 2020 and is a private investment manager based in Switzerland and London.

"The Colonnaden 21 and 25 property location offers us an attractive investment opportunity in a stable and sought-after submarket with high demand for modern, centrally located office space. We are convinced that an investment will pay off right now, counter-cyclically to the current market phase. As part of our service developer mandate, we want to revitalize these historic buildings and make them fit for the future for the existing and new tenant clientele," says Jens Hogekamp, Managing Director of Becken Development GmbH, adding: "With this mandate, we as Becken Group are sticking to our strategy of acting as a service developer alongside our own project developments and see further potential for our real estate services along the entire real estate value chain in the coming years."

At the time of purchase, the two property sales were related to the insolvency of SIGNA. Both properties were sold by the insolvency administrator Prof. Dr. Torsten Martini. The sale will be completed as part of an asset deal.

The contracting parties agreed not to disclose the purchase price. Becken received legal advice from the commercial law firm GSK Stockmann.