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PGIM Real Estate acquires Magnet Portfolio in Hamburg from Rockspring

PGIM Real Estate recently completed an off-market acquisition of the Magnet Portfolio, a Hamburg office portfolio. Rockspring Property Investment Managers LLP sold the portfolio on behalf of TransEuropean V Property Partnership Limited. The portfolio comprises three office properties and a development site in the Hamburg Nord business park in Hamburg Langenhorn. The three buildings offer a total of 27,600 square meters of lettable space and were built between 1992 and 1999. The development site is approximately 4,100 square meters.
 
The portfolio is located five kilometers north of Hamburg Airport, 15 kilometers north of the city center, and near access points to the main traffic arteries. It is within walking distance to both the metro...[…]