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Cornerstone acquires "Altes Klöpperhaus" in Hamburg for core investor

Jul 21, 2016

Frankfurt, 21 July 2016 – Cornerstone Real Estate Advisers GmbH (“Cornerstone Germany”) has acquired the "Altes Klöpperhaus" in Hamburg as part of its pan European Core investment strategy. Cornerstone will also take over long-term asset management of the property.

Financing was secured from ING bank. The vendor was Art-Invest Real Estate. The parties agreed to keep the purchase price confidential.

A team from Dentons Europe LLP led by partner Volker Mergener provided legal advice for the purchaser. The law firm Huth Dietrich Hahn advised the vendor. Legal adviser to the ING bank was FPS Fritze Wicke Seelig Partnerschaftsgesellschaft mbB.

Grossmann & Berger acted as agent for the vendor.

Altes Klöpperhaus at Rödingsmarkt 9 is one of the best-known partially listed office buildings ("Kontorhäuser")  located in Hamburg city centre. Originally constructed in 1904 and lavishly refurbished by Art-Invest Real Estate in 2015, the seven-storey building is situated in the new Nikolai Quartier Business Improvement District (BID) and is currently 87% let. It has a total area of around 8,400 sq m. Approximately 6,200 sq m of this is office space, arranged over six upper floors. Mindspace, a co-working space provider already very successful in Berlin and Tel Aviv, is the long-term main tenant.

On the ground floor there is around 2,200 sq m of retail and/or gym space, operated by Fitness First.

Apart from its unique architecture, the "Alte Klöpperhaus" enjoys very good transport connections, via the nearby Underground Line 3, and the nearby urban amenities, including shops, cafés and restaurants. This established Hamburg office location benefits from additional development potential through the BID. The Rathausmarkt, the Handelskammer (Chamber of Commerce) and HafenCity are within easy walking distance.

Christoph Wittkop, Managing Director and Country Head of Germany at Cornerstone, commented: "The purchase of this attractive property for a core client shows that, as planned, Cornerstone Germany can attract and sensibly invest additional capital from German and international investors, for core and core+ segment transactions. New investment opportunities are therefore open for our existing and future clients, who already know us as an experienced partner in value-add and opportunistic investments.“

Jorge Duarte, Senior Director at Cornerstone, added: "´Altes Klöpperhaus´ is a prime office asset in a well-esteblished area of Hamburg’s CBD which is undergoing significant investement and regeneration, and is highly indicative of the types of asset we want to acquire as part of our pan-European core investment strategy."

 

About Cornerstone Real Estate Advisers
Cornerstone Real Estate Advisers LLC, with subsidiary and affiliate offices in the U.S., UK, Europe and Asia, is one of the largest global real estate investment managers. It provides core and value-added investment and advisory services, including a comprehensive suite of private and public real estate debt, equity and securities expertise and services, to institutional and other qualified investors around the globe. Cornerstone is a member of the MassMutual Financial Group. For more information, visit www.cornerstoneadvisers.com.

 

Since July 2014, Cornerstone Real Estate Advisers GmbH (“Cornerstone Germany”) has operated as the German platform of the global Cornerstone Real Estate Advisers group. The range of services offered by Cornerstone Germany includes active asset management, letting and transaction management for single assets or portfolios ranging from opportunistic to core for institutional investors and banks, as well as development of new and existing properties. Going forwards, the creation of real estate investment products for German and foreign institutional investors will represent an increasingly important part of Cornerstone Germany’s business. Cornerstone Germany has offices in Berlin, Dusseldorf, Frankfurt, Hamburg and Munich.

Reorganization of Cornerstone
In March 2016, Babson Capital Management, its subsidiaries Cornerstone Real Estate Advisers and Wood Creek Capital Management, and Baring Asset Management, announced their intention to combine and use the Barings brand. We expect the initial phase of the integration to conclude in the fourth quarter of 2016, subject to required regulatory approval. The new Barings firm will be led by Tom Finke, current Chairman and CEO of Babson, and will be headquartered in Charlotte, North Carolina. David Brennan, Chairman and CEO of Barings, will retire as planned during the summer of 2016. Upon integration, the investment organization will be led by four managers from current leadership, each leading specific asset classes: Fixed Income (Russ Morrison), Equity/Multi-Asset (Marino Valensise), Real Estate (Scott Brown) and PE/Alternatives (Anthony Sciacca). In the context of integration activities, we do not anticipate any near-term changes to the organization’s ownership structure as all firms are, and will continue to remain, wholly-owned affiliates of Massachusetts Mutual Life Insurance Company.

 

 

About Art-Invest Real Estate
Art-Invest Real Estate is a real estate investment and management company that invests in properties with value added potential in good locations in larger cities. The focus is on the German metropolitan regions Berlin, Dusseldorf, Frankfurt, Hamburg, Cologne/Bonn, Munich, Nuremberg and Stuttgart. Via its own capital management company, it has already issued eleven special funds for institutional investors such as pension funds and foundations.

 

 

For further information:

Cornerstone Real Estate Advisers Europe

Charles Weeks, Chief Executive Officer
Albert Yang, Managing Director,
Head of Business Development - Europe

Tel: +44 (0)20 7297 0900

FTI Consulting

Richard Sunderland, Tom Gough, Clare Glynn

Tel: +44 (0)20 3727 1000

Cornerstone@fticonsulting.com

Media Contact

Haein Lee
Communications
7F, 29 Eulji-ro, Jung-gu, Seoul 04523
Tel. +(82) 2-3788-0542
Haein.lee@barings.com

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