BNP Paribas REIM buys Kallmorgen Tower in Hamburg

BNP Paribas REIM purchased Kallmorgen Tower in Hamburg’s central business district for its Next Estate Income Fund III (NEIF III). The price of the deal was not disclosed. The seller, QUEST Investment Partners, renovated of the 7,800 sqm office tower late last year. Originally completed in 1964, Kallmorgen Tower used to be the headquarters of IBM but is now primarily leased to a co-working company. “With this fourth acquisition for NEIF III, we continue to successfully invest into core markets in the eurozone with a focus on sustainable assets. The long-lease duration along with excellent financing conditions of Kallmorgen Tower perfectly support the long-term income distribution profile of NEIF III,” said Laurent Boissin, fund advisor for NEIF III.