HIH achieves full occupancy in Hamburg's Elbspeicher

HIH Invest Real Estate has fully let the historic Elbspeicher in Hamburg's Altona district, directly on Hamburg's fish market. HIH Invest Real Estate acquired the mixed-use building in January 2024 for an individual mandate from an institutional investor. Built in 1873 and revitalised in 2001, the Elbspeicher comprises 12,065 square metres of rental space on nine upper floors and one basement, as well as 32 underground parking spaces and 22 outdoor parking spaces. The main tenant is the GINN Hotel Hamburg Elbspeicher. Other uses include offices and restaurants.

The retail space freed up on the ground floor could be rented to the GINN Hotel Hamburg Elbspeicher, which will use the approximately 1,400 square metre space for its reception and additional long-stay apartments. The space on the 6th floor with approx. 1,300 square metres was renovated and staged after the tenant moved out, which quickly enabled a re-letting to be achieved to the Reneo Group, a PropTech with over 100 employees. Thus, the property is fully let again.

"Through discussions with the tenants and the measures taken so far, the average remaining lease terms could be extended from 13 to over 16 years and the rent increased. With the hotel, we were able to develop a tailor-made solution for future use of the original retail space," explains Julian Laghai, Head of Letting Management Hamburg at HIH Real Estate.

The Elbspeicher is a Hanseatic landmark from the Wilhelminian period in the heart of Hamburg. It is located in an exposed location in Hamburg's Altona district, directly on the Elbe and in the immediate vicinity of the Hamburg fish market. The location benefits from a well-developed infrastructure as well as its proximity to the city centre and HafenCity.