Hamburg: Quest sells Neue Burg to Aviva
Quest Investment has sold its project Neue Burg 1 in Hamburg’s Nikolai quarter to Aviva Investors Real Assets. After completion in mid-2020, consumer goods group Unilever will be locating its Germany headquarters in the building. The nine floors offer about 6,500 sqm lettable space, of which 5,500 sqm are office space. Quest was advised by Jebens Mensching, Aviva by Angermann, Clifford Chance, and Drees & Sommer. No information has been released on the purchase price. As TD learned from market insiders, the multiplier is said to be 32. To date, Aviva owns ABC-Straße 35 and Dornbusch 4 in Hamburg.
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