Noerr Advises HanseMerkur Grundvermögen on Acquisition of Gänsemarkt Property in Hamburg

The property, previously known as the Gänsemarktpassage, is slated for a complete redevelopment into a state-of-the-art office and commercial building.

The transaction was executed through one of HMG's investment vehicles, with the sell-side represented by the insolvency administrator of a Signa group company.

Redevelopment Plans

Located in Hamburg's prime city center, near landmarks such as the Hamburg State Opera and the Jungfernstieg promenade, the site will undergo a transformative redevelopment. The new eight-storey complex will feature:

• Approx. 20,700 m² of leasable space.
• LEED Platinum sustainability certification, reflecting HMG's commitment to green development.
• Modern courtyards and passageways to host retail and dining outlets.
• Flexible workspaces, including open-plan areas and private offices.
• Outdoor terraces on the top floor with scenic views of the Alster lake.

Construction is expected to resume after delays since October 2023, with a completion target set for mid-2028.

Noerr's Advisory Team

The transaction was led by Tim Behrens, Partner in Noerr's Real Estate Investment group in Frankfurt, supported by an interdisciplinary team across multiple offices:

• Real Estate Investment: Valentina Glasa, Philipp König, Daniel Nickisch, and Hendrik Westendorf.
• Public Law: Carsten Bringmann and Ines Mittermeier.
• Tax: Martin Haisch and Steffen Arlich.
• Restructuring & Insolvency: Konrad Fichter.
• Regulatory & Governmental Affairs: Bärbel Sachs and Yuliya Zhmuro.

Photo - Von hh oldman