ABG Capital, ABG Real Estate Group’s investment management entity, has acquired the VTG Center at Amsinckstrasse 57-61/Nagelsweg 34 in Hamburg, in cooperation with a small group of occupational pension schemes. Total investment volume for the attractive property amounts to approximately €100 million. The seller is Savills Investment Management.
The VTG Center is a very centrally located multi-tenant office building in Hamburg’s Hammerbrook district. The building is ideally connected via three main roads, the suburban rail network (S-Bahn), and the Hamburg-Hammerbrook railway station. The property is divided into four large units. Total rental space amounts to around 22,750 sqm, spread over eight floors above the ground, with individually lettable units ranging from 120 sqm to 2,800 sqm. Use of the building is thus highly flexible. The VTG Center has around 300 parking spaces, of which 290 are in the underground car park. Anchor tenants of the building, which was completed in 1996 and is let under long-term contracts, are renowned companies such as VTG, Vodafone, and EHA. Tenant sectors represented include the education, advisory services, social, and engineering sectors.
Hamburg-Hammerbrook is a dynamically growing district in the Hanseatic city of Hamburg. Whilst so far it has mainly housed administrative buildings, its location close to Hamburg’s city centre is making Hammerbrook increasingly attractive to other types of use: a lively mix of offices, retail establishments, restaurants, and an increasing number of apartments is creating modern urban space with everything close to hand.
Ulrich Höller, Managing Partner at ABG Real Estate Group, stated: “With the acquisition of the VTG Center, ABG Capital has increased the asset base to more than €550 million in its first financial year. The property is another example of how we focus on flexible-use buildings in attractive surroundings and with a promising perspective.”
ABG Capital was supported in executing the transaction by Hengeler Mueller Partnerschaft von Rechtsanwälten mbB (legal advice), orange recon GmbH (technical due diligence), ALR Treuhand GmbH (tax advice) as well as by CBRE and JLL (estate agents).
