Property is long-term leased and listed
HEMSÖ GmbH, the German arm of the internationally operating investment company HEMSÖ, headquartered in Sweden, has acquired the Altona Local Court building on Max-Brauer-Allee 89–91 in Hamburg-Altona.
The property comprises approximately 9,800 sq m of office space in total. The building, which is let on a long-term basis, was constructed in the second half of the 19th century and extended in the early 20th century.
Cushman & Wakefield advised the purchaser comprehensively on this transaction under an exclusive mandate and acted as intermediary.
The vendor is the alstria Group, advised by alstria advisors GmbH.
The seat of the Local Court in what is now the Hamburg borough of Altona—then still an entirely independent city—consists of two building sections: the brick structure built between 1873 and 1878 in the Berlin round-arch style of the Schinkel school was extended between 1904 and 1907 with a rendered building featuring dressed stone elements in the Wilhelmine state style. The entire complex has been listed since the 1980s.
Marc Bensemann, Head of Office Capital Markets Hamburg at Cushman & Wakefield, commented:
“Properties let on a long-term basis to public-sector tenants are currently particularly in focus among institutional investors due to their secure cash flow and the strong attachment of tenants to their respective locations.”
Robert Köwener, Director Office Capital Markets Hamburg at Cushman & Wakefield, added regarding the acquisition:
“The Altona Local Court building precisely meets the requirements of long-term investors and offers a highly stable outlook in an inner-city location. In addition to traditional structured sales processes, we are increasingly seeing in the current market environment that carefully developed and targeted investor approaches lead to strong results."
