Warburg-HIH Invest Buys Office Development Campus Hamburg from ECE
Warburg-HIH Invest Real Estate GmbH (“Warburg-HIH Invest”) just acquired Campus Hamburg, a six-storey new-build office scheme located in the district of Barmbek-Nord, from Vendor ECE. Currently under construction at Fuhlsbüttler Strasse 431, the office building will have a gross lettable area of around 26,000 square metres plus around 350 underground parking spots. The multi-tenant property will be anchored by two banks belonging to the French Société Générale Group, who have signed leases for 15-year terms. About 12,180 square metres will be occupied by an automotive bank, Bank Deutsches
Kraftfahrzeuggewerbe GmbH (BDK). Hanseatic Bank has rented about 8,110 square metres. The completion is scheduled for spring 2022. The acquisition took the form of an asset deal. It was agreed not to disclose the selling price.
“The property is characterised by its attractive location within a rapidly evolving submarket of Hamburg. By achieving a high level of pre-lets to strong tenant covenants, we managed to secure a stable and long-term
cash flow even in the early phase of the property development. In addition, the building with its modern energy concept qualifies as a sustainable investment,” says Hans-Joachim Lehmann, Managing Director of Warburg-HIH Invest.
It is intended to seek a DGNB Gold certification for the Campus Hamburg office scheme. Energy-efficient cooling and heating is facilitated by the use of energy floors and air-to-water heat pumps. The grounds are defined by a so-called “green spine” that links the inner courtyards. The concept integrates the listed “Langer Jammer” terraced housing complex whose garden was restored to its original state. The old-growth trees on the “Lange Jammer” premises, which are listed as natural monuments, will be preserved.
The property is located directly next to the future “Nordheimstrasse” underground stop (U5 line). The “Rübenkamp/City Nord” rapid transit station is a ten-minute walk away. From here, the commute to
downtown Hamburg takes about 15 minutes. In addition to the great public transportation links, the property is also conveniently located for private transportation, halfway between the town centre and Hamburg Airport. The proximity to the green spaces of Stadtpark and to the City Nord office location lends an ambience of vibrant urbanity to the quarter. City Nord, which represents both an office district and one of Hamburg’s leading business centres, is home to more than 300 companies and the workplace of roughly 32,000 employees.
Savills acted as vendor adviser during the transaction process. The legal and tax due diligence on the buyer side was conducted by Ashurst LLP, the technical due diligence by ES Enviro Sustain. ECE received legal advice from Trûon Rechtsanwälte LLP during the transaction.