Montano acquires office complex in Hamburg for repositioning

Commercial real estate investor Montano Real Estate has purchased the Pier 81 office complex in Hamburg for a professional pension fund from General Real Estate.

Pier 81

This acquisition is considered a "value-add" investment because Montano plans to enhance its worth through strategic repositioning and redevelopment.
Pier 81 is an 8,500 m2 multi-tenant office building situated in Hamburg's well-connected City Süd district. The property has seven above-ground floors, a two-story large garage, and its own boat dock with access from the water.
Key plans for improvement include reducing vacancies, modernizing the property's exterior and common areas, and implementing sustainability initiatives. 
Hossein Gharany, director Investment at Montano, said: "We are very pleased to have acquired the property together with a renowned German institutional investor with whom we have enjoyed a trusting working relationship for many years. Pier 81 offers significant value-added potential, which we have already identified and will implement through targeted measures. Building on our many years of experience in the successful repositioning and optimization of commercial real estate, we plan to increase its value sustainably." 
Samson Weldemariam, managing partner at Montano, added: "We have been successfully implementing value-add investments for international clients for many years, and in addition to Pier 81, we have already completed several attractive transactions in the current year. We are planning further investments in the value-add segment and also in our other target segments, such as the public sector and critical infrastructure." 
In this transaction, Montano was advised by GÖRG, CBRE, and WTS; Mayer Brown provided advice to the seller, while JLL acted as the broker for the deal.