Hamburg investment market could experience a “golden autumn”
The brokerage firms report that the transaction volume for Hamburg commercial properties halved to around €1.1bn in H1. The inclusion of residential portfolios raises this figure to just over €1.5bn. Sarah Cervinka, Senior Team Leader Office Investment Hamburg at JLL, believes that total volume will rise to €5bn by the end of the year. “Interesting properties have begun to turn up on the market again in the past four weeks,” so that one might see “some deals for substantial prices” starting at the end of Q3. Frank-D. Albers, Managing Partner and Head of Investment at Colliers International, agrees and anticipates €4bn turnover in commercial real estate alone. The largest commercial disposals to date have been the “ModeCentrum Hamburg” to GLO (€115mn) brokered by Colliers, the property for the “Burstah Ensemble” to Gator (just under €100mn) and the Airport Center to Investcorp (€85mn), brokered by Cushman & Wakefield. The prime office yields remain at 3.0%. “Investors are looking at priced-in rental development even more closely than before, particularly in peripheral locations,” says Sascha Hanekopf, Head of the Hamburg Office at Savills.
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