Chatham Partners advises Bilton Real Estate GmbH on the acquisition of the former Commerzbank site

Bilton Real Estate GmbH has acquired the office and residential project planned by Procom on Nikolaifleet in Hamburg's city centre. The new Nikolai Quarter, or “NIK” for short, will be built on the site.

The two Commerzbank buildings on Neß Street, not far from Hamburg’s City Hall, were demolished over a year ago. In place of the former Commerzbank headquarters, the previous owner Procom developed plans for two new buildings with more than 40,000 m² of space for street-level stores, offices, and rental apartments. Bilton is shifting the emphasis in terms of planned use of the space. Managing Director Adam Filipiak's vision for this city centre location is a mix of residential space, a third of which is to be publicly subsidized, high-quality office space with a view of the Nikolaifleet, and a gastronomic offering with a spacious terrace on the waterfront. The second building could become an exclusive hotel in whole or in part, creating a special quality and thus a suitable entrance to the quarter.

With the green light from the district authority, which is expected to be given this week, the aim is to start construction by the end of 2025.

Chatham Partners provided Bilton with comprehensive legal advice throughout the transaction, in particular on due diligence and the purchase agreement.

Quote to the Hamburger Abendblatt:

“We are very happy that we were able to acquire this property as long-term investment for our portfolio.”

Adam Filipiak, Managing Director at Bilton