Cornerstone acquires "Altes Klöpperhaus" in Hamburg for core investor
Frankfurt, 21 July 2016 – Cornerstone Real Estate Advisers GmbH ("Cornerstone Germany") has acquired the "Altes Klöpperhaus" in Hamburg as part of its pan European Core investment strategy. Cornerstone will also take over long-term asset management of the property.
Financing was secured from ING bank. The vendor was Art-Invest Real Estate. The parties agreed to keep the purchase price confidential.
A team from Dentons Europe LLP led by partner Volker Mergener provided legal advice for the purchaser. The law firm Huth Dietrich Hahn advised the vendor. Legal adviser to the ING bank was FPS Fritze Wicke Seelig Partnerschaftsgesellschaft mbB.
Grossmann & Berger acted as agent for the vendor.
Altes Klöpperhaus at Rödingsmarkt 9 is one of the best-known partially listed office buildings ("Kontorhäuser") located in Hamburg city centre. Originally constructed in 1904 and lavishly refurbished by Art-Invest Real Estate in 2015, the seven-storey building is situated in the new Nikolai Quartier Business Improvement District (BID) and is currently 87% let. It has a total area of around 8,400 sq m. Approximately 6,200 sq m of this is office space, arranged over six upper floors. Mindspace, a co-working space provider already very successful in Berlin and Tel Aviv, is the long-term main tenant.
On the ground floor there is around 2,200 sq m of retail and/or gym space, operated by Fitness First.
Apart from its unique architecture, the "Alte Klöpperhaus" enjoys very good transport connections, via the nearby Underground Line 3, and the nearby urban amenities, including shops, cafés and restaurants. This established Hamburg office location benefits from additional development potential through the BID. The Rathausmarkt, the Handelskammer (Chamber of Commerce) and HafenCity are within easy walking distance.
Christoph Wittkop, Managing Director and Country Head of Germany at Cornerstone, commented: "The purchase of this attractive property for a core client shows that, as planned, Cornerstone Germany can attract and sensibly invest additional capital from German and international investors, for core and core+ segment transactions. New investment opportunities are therefore open for our existing and future clients, who already know us as an experienced partner in value-add and opportunistic investments."
Jorge Duarte, Senior Director at Cornerstone, added: "´Altes Klöpperhaus´ is a prime office asset in a well-esteblished area of Hamburg's CBD which is undergoing significant investement and regeneration, and is highly indicative of the types of asset we want to acquire as part of our pan-European core investment strategy."