Ofi Invest Real Estate has acquired, on behalf of one of its clients, the Cube 10 offices in Hamburg.
It was sold by a fund managed by Amundi Real Estate and the purchase price has not been revealed.
Cube 10 offers 9,500 square meters of flexible office space and is fully let, with an average remaining term of around five years.
The building also offers a good growth potential in terms of rent, considering its high-quality spaces and its excellent location in Hamburg Central Business District, says Ofi Invest Real Estate.
Located on the corner of Axel-Springer Platz in Hamburg’s central business district, the property benefits from an excellent connection to public transportation. The canal area, the Neuer Wall shopping area, City Hall and the Alster river are within walking distance.
Grégoire Bailly-Salins, Head of Transactions Europe at Ofi Invest Real Estate SAS, says, “We are pleased to secure this transaction in a particularly difficult market environment. The asset is perfectly in line with our strategy of investing in Core assets in top German Cities and demonstrates strong opportunities we are seeing in the international real estate market.”
Ofi Invest Real Estate, the real estate arm of Ofi Invest group, manages more than €12.8 billion. Ofi Invest is the fifth largest French asset management group, with €182 billion assets under management.
DLA and CBRE advised Ofi Invest Real Estate. Amundi Real Estate was advised by JLL, Clifford Chance and also Sienna Real Estate.
