BMO Real Estate Partners has acquired three houses of the project development “HC 34” for one of its real estate special Alternative Investment Funds in Hamburg’s HafenCity district. The project is located in the northern Überseequartier neighbourhood, one of the most prominent sites in the new quarter linking Hamburg city centre with the banks of the River Elbe.

The seller of the project development is the Hamburg-based DC Commercial GmbH & Co.KG. It was agreed not to disclose any information on the purchase price. The transaction was initiated and completed by the property brokers CityJung Immobilien Essen.

The Project development “HC 34” is an ensemble consisting of residential property, space for the retail and restaurant trade as well as a hotel and cinema situated in grounds a good 6,400 square meters in size. The five houses are to be awarded the eco label HafenCity Gold and be constructed on the street “Am Sandtorkai” directly to the south of the city’s famous Speicherstadt (the historic warehouse complex).

This is the last still remaining construction site in the northern Überseequartier. “With its unique mixed-use concept, HC 34 illustrates the possibilities of modern urban development. For so-called forward deals, we attach particular importance to partnershipbased interactions. With BMO Real Estate Partners we have found just such a partner”, explains Lothar Schubert, Managing Director of DC Commercial and DC Residential.

Houses 2, 4 and 5 purchased by BMO Real Estate Partners will have six storeys including a floor with shopping and restaurant arcade and a gross area of some 17,000 square meters divided up over 152 apartments, stores and restaurants. Plans exist for state-subsidized accommodation in house 3. Completion is scheduled for the fourth quarter 2017.

BMO Real Estate Partners has commissioned C.P.H. Projekt- und Baumanagement GmbH, Hamburg, to handle the technical monitoring of the project. Hans-Thomas Nehlep from the Hamburg law firm Jebens Mensching LLP is providing the legal advice on the buyer side.

“The HafenCity is increasingly evolving into a vibrant new district of Hamburg city, with the Überseequartier at its heart. We are extremely pleased to have purchased a sustainable and ecolabelled project development at a premium location. The many possibilities of use make the site especially attractive”, claims Thomas Hübner, Head of Investments Germany, BMO Real Estate Partners.

Source : http://www.bmorep.com/

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