CS investment group acquires office buildings in Hamburg
Credit Suisse's (CS) CSA Real Estate Germany investment group has acquired three office buildings in the center of Hamburg.
The properties are located on Rosenstrasse and Ferdinandstrasse in the center of Hamburg between Binnenalster, Mönckebergstrasse and the main train station, Credit Suisse says. The seller had been using the properties himself and had recently moved out.
The buildings are reported to be of very good construction quality and have a total office leasable area of around 14,000 sqm. The prestigious building at Rosenstrasse 9-11 with a natural stone façade has a leasable area of around 5,700 sqm. The property at Ferdinandstrasse 18-24 is an office ensemble built in 2000 comprising two building sections. The rental space comprises 6,700 sqm and the floor areas can be divided flexibly.
The commercial property at Ferdinandstrasse 28-30 was built in 1866 and is a listed building. According to Credit Suisse, the prestigious office building has a rental area of around 1,600 sqm and is particularly suitable for individual users.
"All three properties have significant potential to increase in value through new leases," says Dr. Christoph Schumacher, Head of Global Real Estate at Credit Suisse Asset Management. Available space at this central location in Hamburg is very limited and vacancy rates are at a historic low, he adds.
The CSA RE Germany investment group is open for new subscriptions on a quarterly basis. As of the subscription deadline of December 31, 2019, it had received 122.97 million in new money. Part of this was used for the acquisition of the Hamburg portfolio, Credit Suisse said.
As of the end of 2019, the reference currency of the investment group has also been changed from Swiss francs to euros. This means that the volatility of the investment return will no longer be influenced by foreign currency fluctuations, Credit Suisse reports. (ah)
