Office complex identified as a value-add investment with potential through repositioning and new development
Montano Real Estate GmbH ("Montano", www.montano.eu), a highly specialised partner for investments in commercial real estate, has once again acquired a property for a professional pension fund. "Pier 81" is a multi-tenant office complex in Hamburg with a total of approx. 8,500 sqm of rental space. The seller is Generali Real Estate SPA, acting on behalf of Generali Deutschland Versicherung AG.
Pier 81 is located in Hamburg's popular City Süd district, which impresses not only with its central location but also with its good connections to local and long-distance transport. The main tenant is Arbeiter Samariter Bund Sozialeinrichtungen (Hamburg) GmbH. The property has seven above-ground floors, a two-storey large garage and an in-house jetty with access from the water.
Montano plans to fully exploit the value-add potential of Pier 81 through strategic repositioning and redevelopment. Key measures include:
- Reduction of vacancy through marketing and re-letting
- Modernisation and upgrading by improving the external appearance of the property as well as the entrance and lobby areas
- Sustainability measures to improve the environmental performance of the property
"We are very pleased that we were able to acquire the property together with a renowned German institutional investor with whom we have been working together in a spirit of trust for many years. Pier 81 offers considerable potential for value appreciation, which we have already identified and will implement through targeted measures. Building on our many years of experience in the successful repositioning and optimisation of commercial properties, we plan to increase the value in the long term," says Hossein Gharany, Director Investment at Montano.
"We have been successfully implementing value-add investments for international clients for many years and, in addition to Pier 81, we have already completed several attractive transactions in the current year. We plan to make further investments in the value-add segment and also in our other target segments such as the public sector and critical infrastructure," adds Samson Weldemariam, Managing Partner at Montano.
Montano was legally advised in this transaction by GÖRG, technically by CBRE and tax by WTS. The seller was advised by Mayer Brown on legal and tax matters. JLL brokered the transaction.
