PAMERA lets more than 3,700 sq m in Azur Plaza, Wandsbek

Hamburg, 22 May 2012 - PAMERA Asset Management GmbH has agreed new lettings on more than 3,700 sq m in "Azur Plaza", Hamburg-Wandsbek. Leases for terms of up to six years have been agreed with the Döpfer Schulen Hamburg (formerly mfn Berufsfachschulen, a private vocational college for healthcare), a tile manufacturer and dealer, and a property management organisation. In addition, some existing tenants have extended their leases on a total of approx. 800 sq m. The office and retail building at Friedrich-Ebert-Damm 143-145, which has a total lettable area of around 13,500 sq m, is now more than two thirds let.

Maximilian Isenberg, Managing Partner of PAMERA Asset Management GmbH and responsible for the North region, comments: "With these new lettings and lease extensions, we have now succeeded in stabilising the property, which was initially almost 70% vacant, for the long term and in making it interesting for the investment market. Our success in letting around 3,700 sq m in 'Azur Plaza' is, incidentally, all the more pleasing because, according to market reports, in the whole of Wandsbek only approx. 5,400 sq m was let in 2011."