The multi-tenant property is optimally connected to public transport and has around 11,300 sqm of space, most of which is rented. The aim is to reposition the asset, a nine-storey building located in a prominent location on Baumwall with views of the Speicherstadt, Elbphilharmonie and the Port of Hamburg as part of a joint venture. QUEST will take over the active asset and project management. The parties involved have agreed not to disclose the purchase price. Allianz Real Estate acquired the building on behalf of several Allianz insurance companies.
"We are delighted that we were able to acquire our first manage-to-core project in Hamburg with Überseehaus," says 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."
"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. The efficient office space in the best Elbe location with views of the Elbphilharmonie and the harbour will enable the property to be optimally repositioned on the Hamburg real estate market in the medium term".
Allianz and QUEST Investment Partners were advised exclusively by Jebens Mensching LLP and Hansa Partner.
Allianz Real Estate GmbH and Allianz Real Estate of America, their subsidiaries and affiliates are known jointly as “Allianz Real Estate”. Allianz Real Estate is a PIMCO company. When introducing a property investment opportunity to Allianz Real Estate you acknowledge that we are under no obligation to accept your introduction or enter into any agreement with you. Fees, commission or other payments in respect of introductions shall only be payable where there is a signed written agreement to that effect entered into between Allianz Real Estate and the introducer. By submitting an introduction to Allianz Real Estate you shall be deemed to have accepted the aforementioned terms.
PIMCO is a trademark of Allianz Asset Management of America L.P. in the United States and throughout the world. ©2022, PIMCO.