√Ąrzteversorgung Westfalen-Lippe and Hines Acquire Olympus Campus in Hamburg

Hines, the international real estate firm, announced today that √Ąrzteversorgung Westfalen-Lippe (√ĄVWL) has entered into an agreement with Hines to jointly acquire the Olympus Campus in Hamburg under the terms of a forward purchase. √ĄVWL, one of Germany's largest occupational pension funds, is the main investor in the transaction. Hines also acted as the investment manager and will handle the long-term asset management for the property. The seller is Campus Properties 1 GmbH & Co. KG, a joint venture of Zech Group and Olympus, which will retain responsibility for the completion of the building.

The Olympus Campus has approximately 47,000 square meters of rentable office space across 11 floors and provides 505 parking spaces. Approximately 38,000 square meters of the space will be occupied under long-term leases to Olympus. The Japanese medical technology manufacturer will establish its head office for Europe, the Middle East and Africa (EMEA) on the campus. An additional 9,000 square meters has been leased to the co-working provider Design Offices, also under a long-term agreement.

The building offers flexible floor plans that allow various office concepts which meet the needs and expectations for a modern working environment. To underscore the sustainability of the Olympus Campus, the project is seeking gold-level certification under the DGNB system.

The cornerstone for the new building, which is scheduled for completion at the end of 2020, was laid in June. Located in Hamburg's City S√ľd, it will stand on a prominent, approximately 8,600-square-meter site at Heidenkampsweg/Wendenstrasse. It was designed by the renowned Hamburg architecture firm gmp (Gerkan, Marg and Partners).

Commenting on the investment, Christian Mosel, the managing director of √ĄVWL, said: "With Olympus Campus, we have acquired a property in a central location which, thanks to its high tenancy rate, promises a stable, long-term cash flow base and thus reliable returns."

Markus Altenhoff, director of Capital Investments with √ĄVWL, added: "The prestigious and timeless architecture and the very efficient use of space provide excellent conditions for a future-ready real estate investment."

Dr. Kai-Magnus Schulte, director Hines Immobilien GmbH: "City S√ľd will be further enhanced and will continue to develop very successfully in the future. The Olympus Campus will be regarded as one of the most advanced and sustainable buildings in that high-profile location. We are delighted with this successful investment, which represents a long-term decision for √ĄVWL and Hines."

"With √Ąrzteversorgung Westfalen-Lippe, we have found a new owner for the property that is making a strategic, long-term investment. In addition, many of its members use our Olympus medical technology products in their daily work. That is an excellent fit for us, and we are looking forward to a long-term, positive cooperation in a spirit of partnership," said Stefan Kaufmann, executive managing director, Olympus Europe.

"√Ąrzteversorgung Westfalen-Lippe is a strategic investor with a long-term investment horizon that provides the tenants of the Olympus Campus with a new ownership structure, offering long-term stability. As a result, we have created ideal conditions for a win-win situation in the long term for tenants and investors alike," added Lars Nikolaus Follmann, the managing director of the project company selling the property.

Hines was advised on the acquisition by P√∂llath+Partners. The seller was advised by PwC D√ľsseldorf. Support in the transaction process was also provided by CBRE Hamburg.

√Ąrzteversorgung Westfalen-Lippe (√ĄVWL)
The √Ąrzteversorgung Westfalen-Lippe (√ĄVWL) is an institution of the Medical Association of Westphalia-Lippe and is one of Germany‚Äôs largest occupational pension funds. With assets under management of ‚ā¨13.5 billion at present, including real estate investments of around ‚ā¨2.6 billion (equity at market values), the √ĄVWL is responsible for the old-age security of more than 58,000 members and retirees.

For more information, see http://www.aevwl.de/en/home/.

Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 201 cities in 24 countries. Hines has approximately $111 billion of assets under management, including $60 billion for which Hines provides fiduciary investment management services, and $51 billion for which Hines provides third-party property-level services. The firm has 108 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,295 properties, totaling over 422 million square feet.

Further information is available at www.hines.com and www.hinessustainability.com for more details about the sustainability program and the objectives of Hines.

Olympus Europe is the head office for the region of Europe, the Middle East and Africa (EMEA) of the Japanese Olympus Group. It employs a total of 7,100 people in EMEA. As a worldwide leading manufacturer of optical and digital precision technology, Olympus develops and sells innovative solutions for state-of-the-art medical systems, digital cameras and scientific and industrial solutions. The company’s award-winning products are virtually irreplaceable in diagnosing, preventing and healing illness, driving research and development, and documenting life in all of its diverse manifestations. In the hands of customers, the high-tech products of Olympus help to make people’s lives healthier, safer and more fulfilling.

For more information visit: www.olympus-europa.com.

Zech Group GmbH
The Zech Group GmbH is a strategic management holding company incorporating six divisions with their own actively operating controlling companies. The operating companies are active in the sectors Construction, Real Estate, Hotel, Environment/Technology, Industry and International & Consulting The diversified group, with more than 8,000 employees, is focused on all aspects of the property-related value chain.

For more information visit: www.zech-group.com.

Copyright: gmp, Zech Group
Caption Copyright: gmp, Zech Group