News | Press Release

Becken buys two existing properties in Hamburg's Colonnaden with a joint venture partner and acts as a service developer

Hamburg / Berlin, February 10, 2025

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Becken, a specialist in project development, revitalization, and asset and investment management for commercial and residential real estate, has acquired two historic buildings in Hamburg’s central office district—Colonnaden 21 and 25—under a joint venture agreement. The deed was executed in November 2024. The economic transfer of rights and obligations will take place in February 2025. The adjacent buildings, with a total of approximately 2,500 square meters of leasable space, each have one basement level and five upper floors. The rental units are primarily used as office space, while the ground floor serves as commercial and retail space. Approximately 90 percent of both properties are leased on a long-term basis to law firms, consulting firms, and associations. The approximately 620-square-meter lot on which the two buildings stand is located directly on the prestigious shopping street, offering excellent visibility and a prestigious office location.

Becken has also contracted the mandate for services as a service developer. The aim is to revitalize and market the patrician semi-detached house built in 1878/1879. The agreement includes the following services: Asset management, sales & marketing, financing, project strategy, property upgrading through appropriate capex measures and vacancy reduction.

The joint venture partners and majority shareholders are affiliates of Landfair Capital Group AG ('Landfair Capital'). Landfair Capital was founded in 2020 and is a private investment manager based in Switzerland and London.

"The Colonnaden 21 and 25 property location offers us an attractive investment opportunity in a stable and sought-after submarket with high demand for modern, centrally located office space. We are convinced that an investment will pay off right now, counter-cyclically to the current market phase. As part of our service developer mandate, we want to revitalize these historic buildings and make them fit for the future for the existing and new tenant clientele," says Jens Hogekamp, Managing Director of Becken Development GmbH, adding: "With this mandate, we as Becken Group are sticking to our strategy of acting as a service developer alongside our own project developments and see further potential for our real estate services along the entire real estate value chain in the coming years."

At the time of purchase, the two property sales were related to the insolvency of SIGNA. Both properties were sold by the insolvency administrator Prof. Dr. Torsten Martini. The sale will be completed as part of an asset deal.

The contracting parties agreed not to disclose the purchase price. Becken received legal advice from the commercial law firm GSK Stockmann.