BNP Paribas Real Estate Investment Managers (BNP REIM) has acquired a newly refurbished office tower in Hamburg from project developer Quest Investment Partners.
Financial details were not disclosed.
The refurbished 7,800 m2 Kallmorgen Tower was delivered in October 2018 and is mainly let to a co-working company. Built in 1964 by Hamburg-architect Werner Kallmorgen, the building is renowned locally as the former IBM headquarters.
BNP Paribas REIM acquired the asset on behalf of its Next Estate Income Fund III (NEIF III), managed by BNP Paribas REIM Luxembourg.
'With this fourth acquisition for NEIF III we continue to successfully invest into core markets in the Eurozone with a focus on sustainable assets,' said Laurent Boissin, fund advisor of NEIF III.
'The long lease duration along with excellent financing conditions of Kallmorgen Tower perfectly support the long-term income distribution profile of NEIF III.'
Eurozone fund NEIF III has already closed four other deals (in Dusseldorf, Munich, Barcelona and Montrouge) and reaches €350 mln of assets under management with the Kallmorgen acquisition, the company said.