LONDON, Jan. 16, 2018 /PRNewswire/ -- An affiliate of Starwood Capital Group, a global private investment firm, in a joint venture with local operating partner CELLS Property Investors today announced it has acquired the Diamant2 office portfolio in Hamburg. Terms of the transaction were not disclosed.
The portfolio comprises of two office buildings, Kieler Park and Sachsenkamp 5, with a combined total area of 22,800 sqm, which are multi-let to a range of high-quality occupiers. The transaction is Starwood Capital Group's second investment in Europe through its recently established vehicle focused on Value Add opportunities after the acquisition of St Vincent Plaza in Glasgow, Scotland, in October 2017.
"We are pleased to invest in excellent quality office buildings in one of the strongest markets within Germany," said Stephan Schlomberg, Associate at Starwood Capital Group. "We believe that the submarkets around both buildings will continue to improve in the mid-term due to large scale infrastructure projects such as the relocation of the Altona main line train station to Diepsteich, situated within a few hundred meters from Kieler Park, and the continued development of Hafen City, close to City South where Sachsenkamp 5 is located."
Keegan Viscius, Vice President at Starwood Capital Group, added: "We look forward to making additional investments in Germany, which remains a core focus for our firm across a number of capital sources and investment strategies."
JLL, GSK Stockmann, PwC, and Drees & Sommer acted as advisers to Starwood Capital Group and CELLS Property Investors. Senior bank financing was provided by Deutsche Pfandbriefbank AG.
About Starwood Capital Group
Starwood Capital Group is a private alternative investment firm with a core focus on global real estate, energy infrastructure and oil & gas. The Firm and its affiliates maintain 10 offices in four countries around the world, and currently have approximately 3,700 employees. Starwood Capital Group has raised $44 billion of equity capital since its inception in 1991, and currently manages approximately $56 billion in assets. The Firm has invested in virtually every category of real estate on a global basis, opportunistically shifting asset classes, geographies and positions in the capital stack as it perceives risk/reward dynamics to be evolving. Over the past 26 years, Starwood Capital Group and its affiliates have successfully executed an investment strategy that involves building enterprises in both the private and public markets. Additional information can be found at starwoodcapital.com.
SOURCE Starwood Capital Group