BNP Paribas REIM acquires Kallmorgen Tower in Hamburg
BNP Paribas REIM announces the acquisition of “Kallmorgen Tower” in Hamburg. Delivered in October 2018, this 7,800-sqm iconic office building has been fully refurbished by project developer QUEST Investment Partners and is mainly let to a leading Co-Working company. Built in 1964 by the Hamburg-architect Werner Kallmorgen, the building became locally known not only because of its characteristic shape, but also for having hosted IBM’s headquarters.
The asset is located in the Central Business District of Hamburg next to the historical centre. With the Meßberg metro station in front of the building, Kallmorgen Tower benefits from excellent access to public transport.
BNP Paribas REIM acquired the asset on behalf of its Next Estate Income Fund III (NEIF III), managed by BNP Paribas REIM Luxembourg.
Laurent Boissin, Fund Advisor of NEIF III, comments: “With this fourth acquisition for NEIF III we continue to successfully invest into core markets in the Eurozone with a focus on sustainable assets. The long lease duration along with excellent financing conditions of Kallmorgen Tower perfectly support the long-term income distribution profile of NEIF III.”
NEIF III is a European Fund offering diversification in the Eurozone countries to international institutional investors with a target annual distribution yield of 4%. The fund has already closed four other deals (Dusseldorf, Munich, Barcelona and Montrouge). With the acquisition of Kallmorgen Tower, NEIF III achieves more than €350 million of assets under management.