Swiss Life Living + Working acquires residential property in Hamburg
The open-ended mutual property fund Swiss Life REF (DE) European Real Estate Living and Working has invested in the Leo residential property in Hamburg-Uhlenhorst as part of an asset deal.
The Leo project with its twelve floors is characterized by its location in the immediate vicinity of the Eilbek Canal and at the corner of Oberaltenallee and Leo-Leistikow-Allee in the popular Uhlenhorst district of Hamburg, according to the fund management. The part of the overall project acquired by Swiss Life Asset Managers consists of 55 publicly subsidized and three privately financed residential units with a total rental area of approximately 3,150 sqm.
Uhlenhorst is located about 4 kilometers northeast of the center of Hamburg and benefits, among other things, from the Port of Hamburg, which as an economic engine and tourist magnet creates and secures many jobs.
The property was developed by Hamburg-based project developer Günther Franke Gruber Bauherren and is being built by general contractor Otto Wulff. In addition to the part acquired by Swiss Life Asset Managers, the overall project also includes 126 condominiums and 75 parking spaces. Completion and transfer of ownership of the property are expected by the end of the first quarter of 2022. (bw)
