Hamburg Commercial Bank finances acquisition of ‘Jahrhunderthalle’ and conversion into Science Park

Hamburg, October 4, 2019 - HAMBURG - Hamburg Commercial Bank (HCOB) provides Kadans Science Partner, a member of the Oaktree Capital Group, with the funds to purchase the ‘Jahrhunderthalle’ in Aachen and convert the site into a Science Park. The financing sum amounts slightly below EUR 56.7 million, with a term of around five years.

The ‘Jahrhunderthalle’ and the five adjoining buildings in Aachen-Nord are to be renovated and converted into a modern science park. An area of 42,000 sqm is planned for technology-oriented companies: Around 32,000 sqm for office use, 1,000 sqm as laboratory space and 5,500 sqm for prototype production. 750 parking spaces will be available in a multi-storey car park. The hall from the year 1899 and the surrounding buildings now comprise 37,000 sqm of rental space. Electrical products and motors were manufactured on the former ‘Garbe-Lahmeyer-Areal’ until the beginning of the nineties.

Kadans Science Partner (Kadans) focuses on the development and operation of office buildings with laboratory and prototype manufacturing facilities for research and educational institutions and knowledge-intensive companies in innovative sectors such as life sciences, health and biotechnology. Kadans' portfolio includes 30 properties in the Netherlands, UK and Germany. Kadans aspires to partner with universities and organizations across Europe to build one strong knowledge-sharing ecosystem of science parks.

"With the campus concept, we want to bring together start-ups, universities and companies in one location and thus promote cooperation," said Sindy van Hooijdonk, Chief Financial Officer of Kandans Science Partner. "In this complex project, it was very good to have Hamburg Commercial Bank at our side as a strong financing partner with comprehensive know-how".

Peter Axmann, Head of Real Estate at Hamburg Commercial Bank, commented on the first collaboration with the newly acquired client: "Kadans has a good track record in the development of science parks and brings extensive expertise to such a development. The modern, multifunctional spaces are being created in a sought-after office and commercial location and are likely to attract a great deal of interest from technology-oriented companies.”