6. Juli 2016
Peakside makes landmark acquisition of Hamburg's historic telecommunication hub, The Fernmeldeamt
In English language only
Peakside Real Estate Fund II, managed by Peakside Capital Advisors AG (together “Peakside”), the specialist European real estate private equity firm, has acquired Fernsprechamt Schlüterstraße in the Rotherbaum District of Hamburg from the closed Real Estate fund “Deutschland 01” (the “Fund”). The purchase price is confidential.
In October 2013, Richard Neff took over the management of the distressed Fund, originally established in 2003 by Wölbern funds, as General Partner and delegated its administration to Nordcapital. Since taking on this task, Nordcapital’s external fund management platform has successfully removed the asset’s maintenance backlog and leased 5,000 square metres, thereby increasing the value of the property for investors in the fund.
The 50,000 square metre monument-protected building was built in 1907 for Deutsche Telekom, and represents the largest single standing asset in the district. Located in close vicinity to the campus of the University of Hamburg-Rotherbaum, the Gothic building is currently used as office space by Deutsche Telekom, Deutsche Post and the University of Hamburg.
Going forward, Peakside aims to enhance the property by capitalising on its high quality location and unique design characteristics. USP Projekte GmbH, located in Munich and a long-time development and cooperation partner of Peakside, will support the development and implementation of this plan as project manager.
“For the investors in the former Wölbern funds, the result represents a successful sale and a good result overcoming all the initial difficulties from 2003”, says Richard Neff.
Boris Schran, Managing Partner of Peakside Capital said: “With the purchase of the Fernmeldeamt in Hamburg-Rotherbaum, we are taking over responsibility of a historic pearl in Hamburg’s University quarter, which we regard as the best office, residential and educational location so close to the City centre of Hamburg. The current use of the building has changed in the recent past as technological advances have altered the use of it by Deutsche Telekom. Today tenants require more contemporary space suitable for today’s requirements, a strategy we intend to pursue”.
further information, please contact:
Dido Laurimore / Clare Glynn, FTI Consulting
Tel: +44 (0)20 3727 1000
About Peakside Capital Advisors AG
Peakside Capital is a specialised European Real Estate Private Equity firm. Peakside is independent and owner-led and manages investments across 8 European countries with an estimated total volume of €1.4 billion. Peakside offers Fund and investment management services, and currently manages several institutional real estate funds as well as third party investment mandates. Peakside has offices in Germany (Frankfurt and Munich), Switzerland, Poland and Luxembourg and employs over 30 people.
The Nordcapital Group finances and manages investments in the transportation, real estate, energy and private equity sectors. Since its founding in 1992 Nordcapital has realised an investment volume of €6.8 billion. About 57,000 investors have made more than €3 billion of equity investments across 140 Nordcapital funds by 2015. Since 2013 Nordcapital has also been providing asset management services for third-party fund providers. Currently these are 18 investments with an investment volume of €674 million.