AEW has agreed to acquire the FrankenQuai office building in Hamburg, on behalf of one of AEW’s funds under management, for an undisclosed price.
The eight-storey office building, which was designed by Niederberghaus & Partner, was constructed in 2009 and has around 18,000 sq m (circa 193,000 sq ft) of lettable space.
FrankenQuai is situated in the ‘City South’ office submarket in Hamburg overlooking the Mittelkanal and is within easy reach of the city’s central train station and the international airport.
Matthieu Samaran, executive director of investments at AEW, said: “FrankenQuai represents an attractive opportunity to acquire a highly flexible, modern and sustainable office development in an excellent location in Hamburg’s growing office market. The building is 90% let and provides the opportunity to increase rental income through leasing the remaining space.”
AEW was advised by Clifford Chance, Lehmann Consult and Nova Ambiente.
