PATRIZIA sells Ericus-Contor office building in Hamburg

Hamburg

PATRIZIA AG has sold Ericus-Contor office building in Hamburg, Germany, to Union Investment Real Estate in the largest single real estate transaction by value in Hamburg this year.

Ericus-Contor is a modern landmark building located at the opening of the HafenCity area of Hamburg, the largest inner-city urban development project in Europe. Designed by award-winning architectural firm Henning Larsen, the asset comprises c18,900 sq m of space across nine floors, which is fully let to a range of occupiers including Chanel, Maersk and Hapag-Lloyd. Completed in 2012, Ericus-Contor has DGNB platinum certification, highlighting its sustainability credentials.
 
PATRIZIA acquired the Ericus-Contor in 2014 and following a programme of active asset management has now completed its business plan for the property.
 
Philipp Schaper, Head of Transactions Europe at PATRIZIA, says: “This sale of a landmark trophy asset in one of Germany’s leading cities is evidence of the continued demand from buyers looking for quality core real estate assets like Ericus-Contor, even during these challenging times. Since acquiring the property in December 2014, the HafenCity district has grown from strength to strength, which has enabled us to crystallise positive returns for our investors.”
 
PATRIZIA was advised by Hogan Lovells and BNP Paribas Real Estate.