PATRIZIA sells landmark Ericus-Contor office building in Hamburg
- Largest single real estate transaction in Hamburg by value in 2020
- Building fully let to a range of tenants including global businesses and SMEs
- Asset management programme synergises with growth of HafenCity district
Augsburg/Hamburg, 19 May 2020. PATRIZIA AG, the global partner for pan-European real estate investment, announces the sale of the iconic Ericus-Contor office building in Hamburg, Germany, to Union Investment Real Estate GmbH in the largest single real estate transaction by value in Hamburg this year.
Ericus-Contor is a modern landmark building located at the opening of the HafenCity area of Hamburg, the largest inner-city urban development project in Europe. Designed by award-winning architectural firm Henning Larsen, the asset comprises c. 18,900 sq m of space across nine floors, which is fully let to a range of occupiers including Chanel, Maersk and Hapag-Lloyd. Completed in 2012, Ericus-Contor has DGNB platinum certification, highlighting its sustainability credentials.
PATRIZIA acquired the Ericus-Contor in 2014 and following a programme of active asset management has now completed its business plan for the property.
Philipp Schaper, Head of Transactions Europe at PATRIZIA, commented: “This sale of a landmark trophy asset in one of Germany’s leading cities is evidence of the continued demand from buyers looking for quality core real estate assets like Ericus-Contor, even during these challenging times. Since acquiring the property in December 2014, the HafenCity district has grown from strength to strength, which has enabled us to crystallise positive returns for our investors.”
PATRIZIA was advised by Hogan Lovells and BNP Paribas Real Estate.
PATRIZIA AG has been active as an investment manager in the real estate market across Europe for 36 years. PATRIZIA’s activities include the acquisition, management, repositioning and disposal of residential and commercial real estate through its best-in-class local network in all key markets. As a global partner for pan-European real estate investment, PATRIZIA operates as a trusted and independent business partner of large institutional, (semi-)professional and private investors in all major European countries. PATRIZIA manages more than EUR 45 billion of real estate and infrastructure assets, primarily as an investment manager for insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks. PATRIZIA is committed to responsible investments and positive social impact. The PATRIZIA Children Foundation has helped over 220,000 children in need worldwide for over 20 years, giving them access to education and greater opportunities to lead better lives. For further information, please visit www.patrizia.ag
Phone: +49 (0) 821 5 09 - 628