An affiliate of Starwood Capital Group, a global private investment firm, in a joint venture with local operating partner CELLS Property Investors just last week announced it had acquired the Diamant2 office portfolio in Hamburg. Terms of the transaction were not disclosed.

The portfolio comprises of two office buildings, Kieler Park and Sachsenkamp 5, with a combined total area of 22,800m2, which are multi-let to a range of high-quality occupiers. The transaction is Starwood Capital Group's second investment in Europe through its recently established vehicle focused on Value Add opportunities after the acquisition of St Vincent Plaza in Glasgow, Scotland, in October 2017.

“We are pleased to invest in excellent quality office buildings in one of the strongest markets within Germany,” said Stephan Schlomberg, Associate at Starwood Capital Group. “We believe that the submarkets around both buildings will continue to improve in the mid-term due to large scale infrastructure projects such as the relocation of the Altona main line train station to Diepsteich, situated within a few hundred meters from Kieler Park, and the continued development of Hafen City, close to City South where Sachsenkamp 5 is located.”

Keegan Viscius, Vice President at Starwood Capital Group, also commented, “We look forward to making additional investments in Germany, which remains a core focus for our firm across a number of capital sources and investment strategies.”

JLL, GSK Stockmann, PwC, and Drees & Sommer acted as advisers to Starwood Capital Group and CELLS Property Investors. Senior bank financing was provided by Deutsche Pfandbriefbank AG.

Sam Bonson

Sam is an aspiring novelist with a passion for fantasy and crime thrillers. He is currently working as a content writer, journalist & editor as he continues to expand his horizons.
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