Invest Hamburg 3Q2019

Hamburg investment market starts to regain lost ground


Press release | Hamburg
02.10.2019


Despite the uncertainties of global trade and the cooling of the economy, the market for investment in commercial properties in Hamburg was roused from slumber in the 3rd quarter of 2019. Some 80 transactions generated sales of about €2.7bn, a figure that was still 34 % below that of the same period a year ago. However, in the 3rd quarter alone, commercial real estate changed hands for a total of around €1.6bn. This result is more than double the figure for the half-year. “The investment market is now making up for a first half-year in which only seven properties were sold at prices of 50 million euros or more. With many transactions currently nearing completion and considerable demand in the market, a strong rally seems very likely in the fourth quarter,” remarks Axel Steinbrinker, managing director of Grossmann & Berger, a member of German Property Partners (GPP).

Market details:
•    Once again, office properties were the most traded asset class, accounting for some 73 % of the total (2018: 55 %). Properties in the City district were especially popular with investors, comprising a share of 42 % (2018: 28 %).
•    As in the months before, no real estate changed hands for over €200m in the 3rd quarter. Sales were evenly distributed across all price categories; properties in the €51m plus and €100m plus brackets each took some 30 % of the total.
•    Open ended mutual funds made up the largest group of buyers and were behind 31 % of the volume traded, followed by developers (19 %). International investors remained reticent, with a share of 18 %.
•    Generali’s sale of the “Millennium Portfolio” to Commerz-Real pushed the share of portfolio trades to 29 % in the 3rd quarter. This proportion will probably increase in the 4th quarter because Blackstone is poised to take over the “Dream Global Portfolio”.

Investment market | Hamburg | 2019 Q1-3
Transaction volume [€ millions] 2,650
against prior yr [%] -34
Share of trading in CBD [%] 42
Proportion of international investors [%] 18
Prime net yield, office [%] 2.80
against prior yr [percentage points] ±0,00
Prime net yield, commercial buildings [%] 2.70
against prior yr [percentage points] ±0,00
Prime net yield, logistics properties [%] 4.50
against prior yr [percentage points] ±0,00
Strongest asset class Büro
Strongest asset class [%] 73
 
Selected top transactions | investments in Hamburg | 1st to 3rd quarters 2019
Project/property
Street no.
Sub-market Asset class Buyer/investor Vendor Purchase price*
[approx. €m]
 
„Edge HafenCity”, Amerigo-Vespucci-Platz HafenCity Offices Allianz Real Estate Germany GmbH Edge Technologies 160
„Economic Quarter“, Heidenkampsweg 96+98 City South Offices LaSalle Investment Management Blackrock Investment Management 140
„ModeCentrum Hamburg”, Modering 3 Hamburg West Offices GLO Properties Luserke Vermögensverwaltung 100
Building land,
Großer Burstah 3
City Plot of land Gator Beteiligungsverwaltungs GmbH Commerz Real (for HausInvest fund) 100
*The purchase prices stated are based on publicly available data, where none is available an estimate is made; new transactions or those occurring in the quarter dealt with in this report are highlighted.

















The complete market survey will soon be available and can be downloaded from our website.

Press contact

Visitenkarte Xing
Britt Finke


Bleichenbrücke 9
20354 Hamburg

b.finke@grossmann-berger.de

040-350 802 993
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