The divestment is a part of Norrporten’s strategy to focus on the Swedish market and Copenhagen.

“There is a great demand for modern office properties in Hamburg. Since our announcement last fall that we were planning on selling we have been contacted by twenty or so interested parties. After negotiations we chose to sell to Pembroke Real Estate”, says CEO at Norrporten Jörgen Lundgren.

The three properties Hamburg America Center, Coffee Plaza and Skai encompass roughly 32,000 sqm of modern offices and is located in the fully developed part of Hafen City in central Hamburg.

The current occupancy rate is 90 percent. The office demand in Hamburg has increased steadily since the fall of 2014. Most recently the law firm Kapellmann signed an lease agreement for roughly 1,300 sqm in the Skai property.

“It has been exciting to take part in such a large urban development project while our volume in Hamburg has been too small to create our own management organisation. Now that the transaction climate is advantageous we instead choose to sell”, says Jörgen Lundgren.

The parties have agreed not to disclose the purchase price.

Norrporten is owned by The Second and The Sixth Swedish National Pension Funds.