Sonar Real Estate finalizes sale of ‘Lombardhaus’ in Hamburg to Re.Invest-Managed Fund

Sonar Real Estate has successfully facilitated the sale of the prominent ‘Lombardhaus’ office building at Pelzerstraße 9-13 in Hamburg, acting as the transaction manager and commercial advisor. The sale was completed on behalf of the CCP 5 ‘long-life’ core-plus fund, advised by Tristan Capital Partners, a leading pan-European real estate investment manager. The property was acquired by a fund managed by Re.Invest on behalf of DEVK, as part of the Selection Portfolio originally purchased in 2020. The financial terms of the deal remain undisclosed.

Located on a prime city-centre site spanning approximately 1,200 square metres, Lombardhaus was built in 2002 and comprises 6,760 square metres of lettable space. The building’s tenant mix is predominantly office-based (90%), with retail (6%) and storage areas (4%) making up the remainder. Currently 98% occupied, its anchor tenant is online retailer About You Holding SE, with a weighted average lease term (WALT) of four years.

Sina Huppermann, Head of Sonar Real Estate’s Hamburg office, remarked:
“Successfully closing the sale of Lombardhaus in a challenging market highlights the depth of expertise within our team and our strong grasp of the German real estate sector. The asset’s robust leasing profile was instrumental in enabling Sonar, as asset manager, to achieve this result for our client.”

The seller received legal counsel from Clifford Chance and tax advisory services from PwC, while the buyer was represented by McDermott Will & Emery Rechtsanwälte Steuerberater LLP, with TA Europe providing technical and environmental due diligence. BNP Paribas Real Estate, Hamburg, advised the seller on the transaction.