Irish
Davy acquires Hamburg's Neuer Wall 52 property for €28 million on behalf of Irish client investors
By Finfacts Team
Oct 8, 2006, 17:19

Davy Stockbrokers has acquired Neuer Wall 52, in Hamburg's principal high street retail district, for €28 million, on behalf of Irish client investors. The property has just been developed and let by RIPA, a Hamburg-based property developer.

The property, which extends to 33,000 square feet, is let to a range of retail and office tenants including Marc Cain, Denim Wall and the Private Bank, Julius Baer.

The announcement follows on the recent acquisition of Spitaler Hof in Hamburg in July.

Davy Goddard of Davy commented:

"Germany has shown strong signs of economic recovery over the past eighteen months. When the consumer recovery begins to take hold, properties in districts such as Neuer Wall district will be the primary beneficiaries."

Hamburg is Germany's second richest city and Germany's largest port.

The city has a population of 1.7 million, with over 4 million people in the greater metropolitan area. Unlike many of the cities in Germany, the population of Hamburg is increasing, which is a reflection of its underlying economic strength and its importance as a global centre of trade.