Alte Post Hamburg wins MIPIM award
16 March 2012
Stenham Property is proud to announce that the redevelopment of the “Alte Post” property in Hamburg, an investment of Stenham German Property Portfolio 3, was awarded the prestigious “Special Jury Award” at last week’s Mipim 2012.
Mipim is the world’s pre-eminent property trade fair, held annually in Cannes. Each year the most innovative, ambitious and exciting real estate projects battle it out for the prestigious MIPIM Awards. 2012 featured an impressive mix of 24 projects from across the world. This year’s selection included The Heron Tower in London, Cubus shopping centre in Hong Kong, the Victoria Tower Hotel in Stockholm and Reflections at Keppel Bay in Singapore to name a few.
The Special Jury Award is the only award selected entirely by a professional panel. This panel is chaired by Dr Michael Strong, Chairman & CEO EMEA of CBRE and also includes Mr See Lian Ong, President of RICS as well as Dr Ann Heywood, Principle of the College of Estate Management amongst its distinguished members. The Special Jury Award is thus regarded as the most prestigious award presented at Mipim.
Alte Post is a landmark building in the heart of the Hamburg city centre. It was constructed in 1845-1847 by the architect Alexis de Chateauneuf for the Thurn and Taxis Post and the Hamburg City Post. In 2007 Stenham Property, in a joint venture with Alstria Office REIT and Quantum Immobilien, acquired Alte Post to reposition it as a high-end retail and office building. The old building was demolished except for the historic external facades and rebuilt entirely behind the listed facade. Many of the original features which had been lost over the last 150 years were restored in the development process. Two floors of offices were added to the top, resulting in a total letable area of 7,313 square meters, split roughly equally between office and retail space. Following the refurbishment, Alte Post was let to retail anchors Abercrombie & Fitch and Tommy Hilfiger, setting a new rent record for the location. Graf von Westphalen, a renowned German law firm, took the entire office space. In October 2011, Stenham Property, on behalf of a client, bought out its JV partners.
Sascha Lewin, Investment Director, commented:
We are delighted to have been involved in this project and we thank our partners, our team and our investors for their support. We look forward with enormous pride to continue managing the “Alte Post” for many years to come.
About Stenham Property
Stenham Property offers investors access to international commercial real estate opportunities mainly through discretionary closed-ended real estate funds or direct co-investment opportunities.
We currently manage over £1.5 billion of property assets. Funds are raised from our extensive investor base, which exceeds 2,500 investors drawn primarily from high-end investment advisors.
Closed-ended vehicles are structured either as a multi-property fund on a discretionary basis to achieve diversification by allocating no more than 25% of the capital raised in any particular investment, or as a single-property vehicle for a specific identifiable opportunity.
The majority of our assets are currently held in the UK and Germany. Our current strategy is focused on central London and major cities in Germany.
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