DESPITE CORONA: 2 BILLION MARK BROKEN
The results of the Hamburg investment market for commercial real estate do not even begin to reflect the current economic distortions resulting from the Corona crisis. At €2.18 billion, it posted the third-best half-year result ever recorded. The previous year's weak figure was almost doubled with a plus of 91.5%, and also exceeded the long-term average by a full 38%. A glance at the breakdown of transaction volumes shows that the market benefited disproportionately from portfolio sales. At €926m, the last time this value was higher was in 2007, a record year, and it represents about 43% of the total volume, assisted by the contribution of several company takeovers. These include, for example, the integration of the office holding company Godewind into the French Covivio Group. Looking only at the turnover of individual deals in the second quarter (€404 million), which was particularly affected by the interim lockdown, it becomes clear that temporary restrictions and uncertainties have left their mark. However, Hamburg's attractiveness for investors remains undiminished. Large-volume core transactions such as the Ericus-Contor or the Neuer Dovenhof bear witness to this.
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