Warburg-HIH completes record sale of five office assets for over €500m

German asset manager Warburg-HIH has completed the disposal of five office buildings in prime German locations to Amundi Real Assets for a reported €570 mln, marking the largest sale in the company’s history.

The assets were acquired between 2008 for the Warburg-HIH Deutschland TOP 5 open-ended institutional real estate fund and have a combined gross lettable area of more than 70,000 m2. They are located on Potsdamer Platz in Berlin, Oper 46 and Schillerstrasse in Frankfurt, and Brooktorkai and Valentinshof in Hamburg.

The tenants are predominantly blue-chip tenants from various industries, with an ‘outstanding risk-return profile,’ said Warburg-HIH. Four of the five buildings are multi-tenant assets, while Oper 46 was let to co-working provider The Office Group last year on a 15-year lease.

Hans-Joachim Lehmann, managing director of Warburg-HIH Invest, said: ‘With this transaction, we are completing the largest portfolio sale in the company’s history. It is a German property portfolio of exceptional value and outstanding performance in a market that will continue to serve as a stabilising anchor.’

Amundi closed on the deal in late December 2018, as reported in Europroperty. Warburg-HIH recently unveiled plans to launch a multi-manager investment fund for institutional capital, Warburg-HIH Immobilien Selektiv.

Amundi Immobilier was advised by L’Etoile Properties on commercial issues, lawyers Clifford Chance and as Drees & Sommer on technical aspects. Warburg-HIH was advised by Ashurst. The transaction was brokered by JLL.


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