Kösterhaus along Rothenbaumchaussee in Harvestehude is seized by PEG (Police Emergency Guild)

PEG Acquires the Coaster House in Hamburg's Harvestehude District

The real estate market in Hamburg remains active, despite the changing framework conditions, as evidenced by the recent acquisition of the Coaster House by the project development company Hamburg (PEG). This 1960s office property, located directly on Rothenbaumchaussee in the heart of Harvestehude, offers long-term development opportunities.

The sale of the Coaster House, a 2,000 square meter rental space property measuring around 1,770 square meters, was conducted in a discreet process. The seller of the property is a non-profit foundation.

The acquisition expands PEG's portfolio in Harvestehude, a move that underscores the company's commitment to investing in properties with development potential in central locations. PEG specializes in projects related to living, office, and hotel, and has implemented over 50 projects to date.

The transaction was exclusively accompanied by Grossmann & Berger Immobilien, a member of the German Property Partners (GPP) network. Bastian Baldauf, deputy managing director at Grossmann & Berger, stated that such properties with central locations are rare in Hamburg. This marks the 20th successful closing in Hamburg this year for the investment division of Grossmann & Berger.

Despite some investors acting more cautiously, transactions like the Coaster House sale demonstrate that central locations remain in demand. The future use or possible renovations of the Coaster House are currently undecided. However, the intermediaries believe that the property offers long-term potential for further development.

PEG emphasizes sustainable planning and economic principles in its projects. The example of the Coaster House highlights the importance of real estate with development potential for urban development. The company has been active as a project developer in Hamburg since 1995.

This acquisition indicates that the Hamburg real estate market continues to thrive, even amidst changing conditions. As PEG continues to grow its portfolio, it is clear that the company is committed to contributing to the urban development of Hamburg.