Hamburg: Allianz locks in “Edge HafenCity”
Developer Edge (formerly OVG) is selling one of its two planned new buildings in Hamburg’s Hafencity to Allianz Real Estate in an off-market forward deal. The structure in question is the 15-story office building “Edge HafenCity” with 22,500 sqm, which as yet (two years before anticipated completion) has not been pre-let. “The cooperation with Edge will create a distinguished, value-adding working environment, which is instrumental in securing long-term lease contracts, particularly in the technology sector,” Allianz explains. The insurer states that the move is in line with their strategy of securing high-end office property early in order to expand the German portfolio. Further purchases between Allianz and Edge are talked about in market circles. Edge is also developing the new Vattenfall headquarters next door, as well as several office buildings in Berlin. On this current deal, Allianz was advised by CBRE, DLA Piper, Deloitte, Fluxus, and Alvarez & Marsal; Edge was consulted by Greenberg Traurig, Crowe Horwath (Trinavis), and Bayern LB (financing of the transaction).
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