Bottcherhof 1, Hamburg-Billbrook
Bottcherhof 1 is a 34,000 sq m light industrial estate, located in a prime industrial location, close to the main port of Billbrook in Hamburg.
When the German team assumed management responsibility for the asset, it had a low income profile with high non-recoverables and insolvencies due to some poor tenant profiles.
An improved marketing and letting strategy resulted in substantial reletting of vacant areas and non-recoverables decreased through a tender on property and facility management. The result was an increase in the weighted average lease expiry through lease extensions and renewals and an increase in the net operating income of more than 12%.
With increased levels of satisfaction amongst tenants and 100% occupancy, the asset was then appealing to institutional grade investors and was sold in 2016.