P+P advises Union Investment on acquisition of Ericus-Contor in Hamburg HafenCity

May 2020

Union Investment acquires the Ericus-Contor office building in Hamburg; built in 2012, it is almost completely leased and it connects the east entrance of the HafenCity with the city center and the Speicherstadt, the historic warehouse district. The seller is the IVG fund division that merged with Patrizia, which Ericus-Contor acquired in 2014.

The purchase was carried out for the portfolio of the open real estate fund UniImmo: Deutschland. The final closing is planned in June of this year.

Centrally located on the Elbe River, Ericus-Contor comprises a rental area of almost 19,000 square meters, of which 17,500 square meters are occupied by offices. In addition, additional areas for dining (360 m²), services (460 m²) and storage (580 m²), as well as a total of 219 underground garage spaces. The property is currently leased at 98% occupancy. The primary tenants include the shipping company Maersk, the shipping and container transport company Hapag-Lloyd and the fashion company Chanel.

The very high sustainability standard of the property is notable: Ericus-Contor has a DGNB platinum certificate and thereby the highest distinction awarded in Germany for sustainability.

P+P Pöllath + Partners advised Union Investment on all tax matters (including investment tax law issues) with the following Berlin-based team: