Noerr advises HanseMerkur Grund­vermögen on acquisition of the property Gänsemarkt in Hamburg

A team from Noerr led by Tim Behrens has advised HanseMerkur Grundvermögen AG (HMG) on its acquisition of the property formerly known as the Gänsemarktpassage in Hamburg, which is to be completely redeveloped. HMG, the real estate investment and asset management branch of the HanseMerkur insurance group, has taken over the site through one of its investment vehicles and is set to build a modern office and commercial building complex on it. The sell side is the insolvency administrator of a Signa group company.

The property is located in a prime location of the Hamburg city centre, with a wide range of shops, restaurants and cafes, and in the immediate vicinity of the Hamburg State Opera and the Jungfernstieg promenade. The new eight-storey office and commercial building currently planned for the site will have a total leasable area of approx. 20,700 m², for which the awarding of the sustainability certification LEED Platinum is being strived for. The redevelopment will include spacious courtyards and passageways with an attractive retail and restaurant scene. The upper stories will mainly comprise flexible working spaces, ranging from open spaces to office cubicles. On the top floor at the rear of the new building, outdoor terraces will provide views over the rooftops to the Alster lake. Completion of the development, which has not progressed since October 2023, is planned for mid 2028.

Advisors to HanseMerkur Grundvermögen AG: Noerr

Lead: Tim Behrens (Partner, Real Estate Investment, Frankfurt)

Real Estate Investment: Valentina Glasa (Associated Partner, Hamburg), Philipp König (Senior Associate, Frankfurt), Daniel Nickisch (Associate, Munich), Hendrik Westendorf (Associate, Frankfurt)

Public Law: Carsten Bringmann (Associated Partner, Dusseldorf), Ines Mittermeier (Senior Associate, Dusseldorf)

Tax: Martin Haisch (Partner, Frankfurt), Steffen Arlich (Associated Partner, Munich)

Restructuring & Insolvency: Konrad Fichter (Associate, Berlin)

Regulatory & Governmental Affairs: Bärbel Sachs (Partner, Berlin), Yuliya Zhmuro (Associate, Brussels)