Sale of Springer Quartier considered largest deal ever in Hamburg
Germany-based MOMENI Group and Black Horse Investments GmbH have sold the Springer Quartier in downtown Hamburg, Germany.
The buyers consist of the doctors’ pension funds of Lower Saxony, Saxony-Anhalt, and Mecklenburg-Western Pomerania, the veterinarians’ pension fund of Lower Saxony, and the tax consultants’ pension fund of Lower Saxony.
The sales price was not disclosed; however, it is estimated to be more than €400 million ($477 million), making it the largest real estate deal ever in Hamburg.
The Momeni Group acquired the property from Axel Springer SE in September 2015 and is developing the new urban quarter by 2020. The development project includes the renovation of the landmarked, 14-story high-rise building as well as a modern new building complex with a total of approximately 646,000 square feet of gross floor area. In addition, a mix of offices, retail and restaurant space, apartments and a three-story underground car park with 300 parking spaces will be created.
The transaction process was facilitated by Grossmann & Berger, with the participation of BNP Paribas Real Estate. The financing has been taken over by Hamburger Sparkasse (HASPA).
