HSH backs Round Hill’s German residential drive

The German bank has provided €113.5m acquisition financing for a portfolio of assets in Hamburg.

Germany’s HSH Nordbank has written a €113.5 million loan to fund Round Hill Capital’s acquisition of a largely residential portfolio in Hamburg.

The collection of assets bought by the London-based real estate investment management firm comprises 12 properties in prime locations around Hamburg’s Alster lake.

The portfolio comprises almost 26,000 square metres of space divided into 298 apartments and 3,480 square metres of usable space in 22 commercial units. Restructuring work is planned for the buildings.

Round Hill has invested largely in German housing. In 2017, the private equity group kicked off its new German residential strategy focusing on the purchase of portfolios in the country’s greater metropolitan areas with the acquisition of a 770-unit portfolio in Berlin, along with 114 units in Hamburg.

“The buildings of the Alster portfolio stand out due to their attractive location in the sought-after city districts of Eppendorf, Winterhude and Uhlenhorst, close to the Alster lake,” said Peter Axmann, head of real estate at HSH.

In January, HSH backed another residential scheme in Hamburg with a €139 million loan provided to domestic developers Aug Prien Immobilien and DC Developments.

The developers formed a joint venture in August last year to build the Strandkai quarter within HafenCity, a regeneration scheme across almost 390 acres of decommissioned harbour space, which will increase the size of Hamburg’s city centre by 40 percent.