Aberdeen Standard sells Hanse Forum in Hamburg

Aberdeen Standard’s Standard Life Investments European Real Estate Club LP II (Euro Club II), has sold 100 per cent of the shares of Alster Sàrl, the holding company for central Hamburg office building, Hanse Forum, to German institutional investor, Warburg-HIH Invest.

The property, which is almost fully let, consists of 15,000 sq m (161,458 sq ft) office and retail space, a glazed atrium and ceiling-high glazing, as well as an underground car park with 138 parking spaces.
Last year, WeWork, the co-working and shared office space specialist, signed a 20-year lease for 7,800 sq m (83,958 sq ft) of office space at Hanse Forum. WeWork occupies 52 per cent of the property, and is joined by nine other tenants, including BNP Paribas Real Estate, Amlin and Otto Schröder Bank.
Andrew Creighton, Head of Real Estate Continental Europe, Aberdeen Standard Investments, says: “As part of our strategy for the Standard Life Investments European Real Estate Club L.P II (Euro Club II) fund, we secured prominent tenants, such as WeWork, and evolved Hanse Forum from a value added to a core asset. The sale of Hanse Forum in Hamburg represents the successful completion of this strategy, which we’ve achieved ahead of schedule and with strong returns, above our fund target.”
Warburg-HIH Invest acquired Hanse Forum, on behalf of two core funds, Warburg-HIH TOP 7 Deutsche Metropolen Immobilien Invest and Deutschland Selektiv Immobilien Invest.
Swiss Life Asset Managers is the co-investment partner along with Aberdeen Standard Investments.
Eastdil Secured advised Aberdeen Standard Investments, while Warburg-HIH Invest was represented by Cushman & Wakefield.