Project developer Köhler & von Bargen Immobilien OHG and fund manager PICOM Vermögensverwaltungsgesellschaft mbH from Hamburg have acquired a 33,000 m² site in Hamburg from electronics company Sharp. The transaction took the form of a sale and leaseback deal.
Sharp intend to remain in their current office building for the time being and in two years relocate on-site to a new office building constructed by Köhler & von Bargen. On the remainder of the site Köhler & von Bargen and PICOM plan to develop a 700-apartment residential and commercial scheme. Sharp were advised by Cushman & Wakefield and Hogan Lovells LLP International. The purchase price is undisclosed.