Hamburg: Arax enters the market with Poseidonhaus
Assetmanager Barings has sold the 40,000 sqm office building “Poseidonhaus” in Hamburg’s City-Süd. Arax Properties acted as investment manager for the buyer, as TD learned from market insiders. The transaction was finalized before the end of last year. The building had been for sale since 2017, but the marketing process had been aborted. This second attempt was now successful. The current purchase price, according to two independent sources, is around €110mn. Barings has declined to confirm this information. Main tenant in the building is Olympus on 23,000 sqm office space – until the company moves back to Heidenkampsweg after completion of its new headquarters in late 2021. This is Arax’ first investment in Hamburg. The Brits bought the Seidnitz Center in Dresden two years ago and have also invested in Berlin and Frankfurt.
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