Deka Immobilien sells office complex in Hamburg Altona

Transaction | 2023-04-04

Deka Immobilien has completed the sale of a two-part office property at Große Elbstraße 14/Buttstraße in Hamburg Altona, directly opposite the well-known Fischmarkt. The property is part of the Deka-Immobilien Europa real estate portfolio.

The six-story office and commercial building at Große Elbstraße 14 overlooks the North Elbe River and the port and has around 4,283 sqm of usable area, including 184 sqm of restaurant space and 450 sqm of storage and other space. The property at Buttstrasse 3 has two floors with around 671 sqm of leasable space. In addition, 43 parking spaces belong to the property sold. The two properties are currently occupied by eleven different tenants. The buyer is Values Real Estate. BNP Paribas acted as sales agent.

The sale was made in the course of portfolio optimisation and the fund’s stronger focus on larger CORE properties. Deka Immobilien had held the property for sale in its portfolio since 1971. Deka-ImmobilienEuropa was launched in January 1997 and owns over 130 properties in Europe. With real estate assets of over EUR 17 billion, it is the highest-volume mutual real estate fund in Germany.