CBRE GI snaps up major Hamburg mixed-use scheme from Allianz

A fund managed by CBRE Global Investors has purchased the iconic Hanseviertel mixed-use building ensemble in Hamburg’s historic centre from Allianz Lebensversicherungs, represented by Allianz Real Estate Germany.

Although the price was not disclosed, market experts put the property value at over €200 mln.

With a combined gross lettable area of 38,850 m2, the Hanseviertel consists of a shopping arcade, several high street units, a 205-room Renaissance Hotel operated by the Marriott Group, 14,400 m2 of office space, and 15 residential apartments. The building is almost fully leased, with around 40% of total income derived from the retail section. Anchor tenant of the office space is the City of Hamburg, with over 6,000 m2. The property also includes a public parking garage, operated by Apcoa, with 440 parking spaces.
Prominently located at the corner of the Poststrasse and Grosse Bleichen high streets, Hanseviertel is one of the best-known shopping destinations in Hamburg’s historic city centre. The 1.5 ha. plot includes several historic buildings and postmodern structures developed by Allianz Real Estate at the beginning of the 1980s. The shopping arcade was the first roofed arcade to open in Germany at the time.
CBRE Global Investors was advised by CBRE and Linklaters, Allianz Real Estate Germany by JLL and BLP (Berwin Leighton Paisner).


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