German insurer Allianz and Quest Investment Partners have jointly acquired the Überseehaus office and commercial building in Hamburg.
Financial details were not disclosed.
'We are delighted that we were able to acquire our first manage-to-core project in Hamburg with Überseehaus,' said Annette Kröger, CEO at Allianz Real Estate Germany.
'We see great development opportunities for this traditional building with its striking architecture. We are also pleased to be working with Quest Investment Partners.'
Located at Baumwall 5-7 in Hamburg, the 11,300 m2 property is almost completely let to a number of tenants.
Quest will take over the asset and project management. Allianz Real Estate acquired the building on behalf of several Allianz insurance companies.
'The fact that we have been able to convince Allianz with our work and win them over as partners for this attractive project is a fine confirmation of our investment strategy,' says Jan Rouven Künzel, managing partner of Quest. 'Over the next few years, the property is to be modernised.'
Allianz and Quest were advised by Jebens Mensching LLP and Hansa Partner.