Allianz acquires smart Hamburg development from EDGE

Munich, 08/01/2019

EDGE has sold their HafenCity office development in Hamburg to Allianz in an off-market forward deal. This acquisition, executed by Allianz Real Estate on behalf of several Allianz companies, builds on Allianz’s strategy to secure high-quality office buildings early on and further increases its allocation to the German office sector. The deal is anticipated to close on delivery during Q4 2021.

“The forward purchase of the EDGE HafenCity office asset underscores our commitment to working with prime partners in prime locations in key European cities and gives us the opportunity to expand our ‘smart technology in real estate’ space. We place huge importance on developing assets with tenant use in mind; the venture with EDGE will offer a differentiated, value-adding working environment, which has become key in securing long-term tenancies, particularly in the tech sector itself,” said Annette Kroeger, CEO of Allianz Real Estate North & Central Europe.”

 
"Since announcing our first development for the Hamburg market, we have generated a lot of interest. We are very excited to finally announce the transaction of EDGE HafenCity Hamburg. Allianz Real Estate is a partner that shares our values when it comes to smart and sustainable real estate," said Martin Rodeck, Managing Director, EDGE Germany.

EDGE specializes in developing sustainable, modern office assets that make extensive use of smart technologies and services such as sensors and climate ceilings to enable room personalization for the benefit of the user and the environment. When complete, EDGE HafenCity will be one of the most future-proof office complexes in Hamburg and will put a strong focus on the well-being of the individuals who work in the building, as user centricity is a guiding principle for both EDGE and Allianz Real Estate.

EDGE HafenCity Hamburg will be a 15-storey building with a total lettable area of approximately 22,500 sqm. The ground floor and some of the mezzanine floor will feature a lobby, as well as a restaurant and a café, while the remaining part of the mezzanine floor and floor levels 1 to 14 will be used as office space including co-working and flexible offices. The 4th, 5th and 6th floors will each have a terrace and the extensive roof greenery will be accessible for tenants.

The acquisition not only supports Allianz Real Estate’s aspiration for high-quality office space, it also gives the investment manager access to a preferred submarket in Hamburg - HafenCity - where it currently has no exposure. The submarket is forecasted to see further strengthening as one of the most sought-after parts of the city, supported by excellent transport links and a growing number of businesses.

Allianz was advised by DLA Piper, CBRE, Deloitte, Fluxus and Alvarez & Marshall.  EDGE was advised by Greenberg Traurig LLP, Crowe Howarth (Trinavis) and BayernLB (transaction financing).

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Phillip Lee
Phillip Lee
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