The German arm of GE Real Estate has acquired a 33,000 sq. ft. Hamburg office building for €25 million from HIH Hamburgische Immobilienhandlung GmbH.
The five-story office building was developed in 2005. The tenant roster includes a range of tenants including Oracle and HansaLeasing, a subsidiary of CommerzLeasing. The property is located in the Altona area of Hamburg on a site known as “Kühnehofe”, where the food company “Kühne” once produced its famous delicatessen items. The area, which has undergone extensive redevelopment in recent years, is now a key hub for a number of high quality office tenants.
This deal should offer GE Real Estate added exposure to the attractive Hamburg office market. Earlier this year, GE Real Estate acquired a German specialty property fund for €420 million, comprising 12 office properties located in several of Germany’s largest cities, including Hamburg. With this latest acquisition, GE Real Estate owns roughly €1.220 billion in German real estate assets.