21 November 2023
Hamburg/Frankfurt/Zug/Luxembourg, 14 September 2022 – VALUES Real Estate has acquired the former telecommunications office in the Hamburg Rotherbaum district on behalf of an investment fund of Bayerische Versorgungskammer (BVK). The listed building in Schlüterstrasse 51-53, which was the largest telecommunications office in the world upon completion, is leased to the City of Hamburg for a 30-year term.
The forward deal with the investment manager Peakside Capital Advisors AG (Peakside) encompasses the property with approximately 65,000 sq.m. of gross floor area. VALUES is acting as investment manager in the transaction for a BVK investment fund administered by Universal Investment as the AIFM in Luxembourg. Asset management will be taken over by VALUES with long-term support by Peakside. The building complex was part of the Peakside Real Estate Funds II and III (PREF II and PREF III) and is currently being refurbished and expanded by Peakside.
Following completion, some 52,000 sq.m. of the property will be used by University of Hamburg, Leibniz Information Centre for Economics (ZBW), German Institute for Global and Area Studies (GIGA) and Studierendenwerk Hamburg. CBRE advised VALUES and Peakside in the transaction.
“The long-term lease contract with the public tenant as well as the planned ESG measures are an excellent fit with BVK’s current investment approach. We are convinced that the asset will generate stable and secure rental income for our investors,” says Norman Fackelmann, Head of Real Estate at BVK.
Dr Carsten Fischer, Managing Partner at VALUES Real Estate, adds: “The University of Hamburg’s Humanities Research Center at this central location is an important milestone in the future development of Germany’s second largest city as an education and science hub. It is a forward-looking investment into the Hanseatic city’s public services. For BVK, this investment offers long-term, secure distribution yields. And we are looking forward to working together with our partner Peakside.”
Boris Schran, Managing Partner at Peakside, says: “The former telecommunications office is a flagship project of our manage-to-green strategy. We are preserving as much as possible of the old building fabric and are raising the property to state-of-the art standards in terms of energy efficiency and interior design. At the same time, we are activating new space by developing the attic stories and adding basements and roofing. We look forward to working together with our partners, including the tenants from the education and science sectors, as we continue to service the building.”
Legal and tax advisors in the transaction were Chatham Partners and HauckSchuchardt for the seller, Clifford Chance and Vesthaus for the buyer. Project management and technical due diligence was provided by Marienburg Real Estate (seller) and Drees & Sommer (buyer). Ernst & Young was responsible for the financial due diligence on behalf of the buyer.
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About VALUES Real Estate
VALUES Real Estate is a project developer and investor active across Germany. With its capital management company (KVG), it offers one-stop services along the property market’s entire value-chain. VALUES invests alongside private investors and institutional capital partners. So far, the company has launched 12 institutional investment vehicles. VALUES Real Estate focuses on offices, inner city commercial properties, retail warehouses, logistics and social infrastructure as well as health properties in specific prime locations. It currently has € 4 billion assets under management. As a developer, VALUES Real Estate aims to enhance urban spaces with new concepts and create livable inner-city assets and quarters. Since its foundation in 2010, VALUES Real Estate has realized 14 projects with a volume of over € 1 billion across the country. Its 100 employees, situated across offices in Hamburg, Berlin, Frankfurt, Düsseldorf and Grünwald near Munich, have a broad regional market expertise.
About Peakside
Peakside Capital Advisors AG is a European investment manager. The private equity company manages assets worth over EUR 1.4 billion on behalf of institutional investors. Peakside implements differentiated investment strategies tailored to specific investor needs, ranging from core to value-add and opportunistic investments in commercial and residential assets and has in total acquired assets worth EUR 4.1 billion. Peakside’s investment spectrum includes single properties, developments as well as portfolios, distressed debt and real estate operating companies. The firm employs a team of more than 30 professionals in its offices in Frankfurt, Zug, Warsaw, Prague and Luxembourg.
About Bayerische Versorgungskammer
As Germany´s largest pension scheme group under public law, Bayerische Versorgungskammer is the competence and service center for occupational and communal pension schemes. It is the joint executive body of twelve liberal professional and communal pension schemes with 2.5m insured persons in total, and contributions of € 5.4 billion and about € 3.9 billion pension payments annually. It currently has € 107.3 billion assets under management (market value). Bayerische Versorgungskammer has more than 1,460 employees and has been a signatory of the Diversity Charta since 2010, a signatory of the UN Principles for Responsible Investment since 2011 and of the Memorandum of Women in Leadership since February 2017. It became a member of the Global Real Estate Sustainability Benchmark (GRESB) in March 2020 and of the Net Zero Asset Owner Alliance in May 2021.
About Universal Investment
The Universal Investment Group is a leading European fund service platform and super ManCo, administrating over € 763 billion of fund assets and around 2,000 mutual and special fund mandates. It has more than 1,100 employees in its offices in Frankfurt, Luxembourg, Dublin, London, Hamburg and Cracow. Founded in 1968, the independent platform offers structuring and administration services as well as risk management for stocks, real estate and alternative investments to fund initiators and institutional investors. The entities UI labs, UI Enlyte and CAPinside supplement the group’s innovative service offer. The company is a signatory of the UN Principles for Responsible Investment and a member of the Forum for Sustainable Investment (Forum Nachhaltige Geldanlagen e. V.) (as of August 2022).
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Media contacts
VALUES. Real Estate
Rüdiger Heide
Tel: +49 171 688 7563
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values-realestate.de
Peakside Capital Advisors
Marie-Noëlle Sbresny
Feldhoff & Cie. GmbH
Tel: +49 69 26 48 677 – 236
Mobile: +49 159 01 22 03 98
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www.feldhoff-cie.de