Union Investment has sold the hotel and office property at Holstenkamp 1-3, Kieler Strasse 143-147 to the Plaza Hotelgroup from Heilbronn. The building had been part of the portfolio of the open-ended real estate fund immofonds 1, which is marketed exclusively in Austria, since 2015. The parties have agreed not to disclose the sales price
Built in 1998, the mixed-use building in the north-west of Hamburg delivered stable income for the fund over the holding period of around ten years. It has a lettable area totalling 10,315 square meters. Of this, 3,500 square meters is office space. The hotel has 180 rooms.
The Plaza Hotel Group with Managing Director Yonca Yalaz is a family-run company that operates 60 hotels with over 8,000 rooms in Germany, Austria and the Netherlands.
Source: press release