Hamburg: New Competo fund buys Quest office buildings on Cremon
Competo Capital has purchased two office buildings in Hamburg from Quest Investment in an asset deal. The two structures are the new building Cremon 1 and the refurbished building Cremon 3. They will be part of the open-ended real estate Spezialfonds JHS Competo Immobilien Deutschland, which Competo recently launched jointly with service capital manager Intreal as an individual mandate for the Joachim Herz foundation. The fund focuses on office and residential properties in prime locations of Germany’s metropolitan regions. The 4,500 sqm lettable space in Cremon 3 are fully leased to Handwerksgruppe Philip Mecklenburg and Enfore. The neighboring Cremon 1 with 2,500 sqm living, retail, and office space will be completed in mid-2020. The 1,400 sqm office space will also be used by Philip Mecklenburg. The lease and subsequent transaction process were brokered by Angermann Real Estate. Legal consulting was provided by Jebens Mensching and GSK Stockmann.
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