BMO Real Estate Partners Germany has acquired the prestigious wing building of the "Strandkai" quarter in Hamburg's HafenCity together with its terp level for a special asset fund. The seller was AUG.PRIEN Immobilien and DC Developments. The new construction started recently on the building construction lot 55 and has a total area of usage of 16,000 sqm. Until final completion of the property, it will remain in the hands of Hamburg's project manager AUG.PRIEN and DC Developments, who founded a 50:50 joint venture in July 2017 for this purpose.
On a floor area of 15,200 sqm, the Standkai quarter will provide four modern residential and commercial properties with in total 480 rental units and freehold apartments as well as retail and restaurants. The wing building itself offers 160 first-rate rental units. A diversified cultural program complements the options the quarter has to offer, such as the permanent exhibition "Märchenwelten – Das Vermächtnis der Brüder Grimm" ("Faiy-tale worlds – the legacy of the Brothers Grimm").
BMO Real Estate Partners was advised by Jebens Mensching, the joint venture was represented by trûon Rechtsanwälte LLP.