HAMBURG, GERMANY-HSBC Specialist Investments, the infrastructure and real estate arm of the giant HSBC banking group, plans to enlarge its German logistics, retail and office portfolio by $300 million to $440 million, a company representative says. The division recently bought a logistics asset in Hamburg for its HSBC European Active Real Estate Fund, the fund’s first purchase in the country and the first outside the UK.
“We are happy about our first German logistics deal after 20 years’ investment in the British market,” said Joram Szerkowski. “Further deals in our logistics pipeline are almost closed.”
The Hamburg asset was bought on a triple-net sale-leaseback of 15 years from an undisclosed owner and is situated in Hamburg’s industrial area Billbrook, offering 160,000 square feet.
BNP Paribas Real Estate advised on the transaction. The $1.5 billion HSBC fund invests in value-add property projects throughout Europe.
Allan Saunderson is a managing editor of Property Investor Europe and a contributor to GlobeSt.com.
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