Type: Core Plus – Distressed Seller
Location: Business Park Location in Hamburg, Germany
Boxberg, through a joint venture, advised an international fund on the acquisition of a portfolio of single tenant HQ buildings in Hamburg. The seller was a distressed entity that had not been successful in its previous attempts to sell the portfolio. During the due diligence and negotiation process major technical due diligence issues which had blocked previous transactions were resolved, so that the acquisition could go ahead. Boxberg’s JV acted as operating partner. Following the execution of comprehensive fire protection and capex upgrades in one of the buildings and the re-gearing of a key lease, the portfolio was successfully sold to an international core fund.