19 May 2020
Union Investment acquires Ericus-Contor building in Hamburg
• 19,000 sq m of rental space in prime city centre location
• Acquisition for portfolio of UniImmo: Deutschland
• Closing scheduled for summer 2020
Union Investment has secured an exceptional property in Hamburg’s HafenCity district. The Ericus-Contor building is being sold by Patrizia AG and will be added to the portfolio of open-ended real estate fund Unilmmo: Deutschland. The transfer of rights and obligations (closing) is scheduled for June 2020. Union Investment was advised on the transaction by Linklaters and P+P Pöllath + Partners.
“In the current market phase, transactions around the world have virtually ground to a halt. Boasting high construction quality and an excellent location, Ericus-Contor proves that it’s possible for premium properties to change hands despite the coronavirus pandemic and that appropriate pricing is possible. By making this core investment in our home market of Hamburg, we’re delighted to be able to send out a positive signal in terms of transactions in 2020.”
Martin J. Brühl, Chief Investment Officer and Management Board member at Union Investment Real Estate GmbH
Constructed in 2012 and almost fully let, the Contor building at Ericusspitze 2–4 is centrally located on the banks of the Elbe and surrounded by water. As the eastern gateway to the HafenCity district, it connects the city centre with the historic Speicherstadt neighbourhood. “Eastward expansion of HafenCity will mean the property is mid-way between HafenCity and downtown Hamburg. The office property also offers potential for attractive rent increases in the medium term due in part to its unique location directly adjacent to the equally iconic SPIEGEL building,” said Alejandro Obermeyer, head of Investment Management DACH at Union Investment.
With its prominent tip resembling a ship’s prow and a glazed double façade with full-height windows, Ericus-Contor is an urban landmark. The large plinth and six-storey, south-facing opening in the façade give the building a highly distinctive appearance. It benefits from excellent transport links: the motorway can be reached in just a few minutes via Amsinckstraße, while Hamburg’s main railway station is only 900 metres away. Ericus-Contor is constructed to very high sustainability standards and has DGNB certification in Platinum, the highest sustainability rating awarded in Germany.
Ericus-Contor offers total rental space of 19,000 sq m. The majority of the space – some 17,500 sq m – is made up of offices. There are also areas for restaurants (360 sq m), services (460 sq m) and storage (580 sq m), as well as 219 underground parking spaces. The property is currently 98% let. The main tenants include shipping company Maersk, container line Hapag-Lloyd and fashion retailer Chanel.
For Union Investment Real Estate GmbH