A new property investment in Hamburg
Property investment platform Centralis Immobilien, backed by ActivumSG, is strengthening its presence in Germany with the acquisition of a multi-tenant property on Hamburger Straße in Hamburg.
The asset primarily comprises serviced apartments operated by Arbio, alongside conventional residential accommodation and commercial premises occupied by tenants including Penny, a subsidiary of the REWE Group.
Centralis intends to explore potential improvements to the building and opportunities for further development. No acquisition price, apartment count or refurbishment budget has been disclosed.
Dr Fabian Vieregge, founder and CEO of Centralis Immobilien, explains:
“Hamburger Straße fits our investment profile perfectly. We are acquiring an established multi-tenant property in a strong Hamburg location. The potential for value creation is an additional advantage, which we will take the time to assess.”
An acquisition following the two Cologne transactions
The transaction comes two months after Centralis announced, on 7 September 2026, the acquisition of two former hotels located close to Cologne Central Station.
Acquired from a French insurance company, the two properties are to undergo comprehensive refurbishment and conversion into 233 furnished serviced apartments.
The first property, at Breslauer Platz 2, is the former Wyndham Cologne. It is scheduled to be converted into 134 furnished apartments, with restaurants and cafés on the ground floor, providing approximately 4,900 sqm of lettable space.
The second property, at Domstraße 10, formerly operated as TRYP Köln City Centre, will accommodate 99 furnished apartments and provide 15 underground parking spaces. Its lettable area amounts to approximately 2,700 sqm.
Together, the two projects represent approximately 7,600 sqm of lettable space.
Long-term operation of both properties has been entrusted to Bob W, a European flexible accommodation operator supported by an integrated technology platform.
Design and construction work has been awarded to apoprojekt, a German specialist in the transformation of existing real estate assets. JLL and Cushman & Wakefield acted jointly as intermediaries in the transaction.
In Cologne, Centralis is therefore pursuing the comprehensive conversion of former hotels, whereas its Hamburg acquisition involves an asset already predominantly operated as serviced apartments.
ActivumSG targets the transformation of Germany’s hotel property market
For ActivumSG, the latest acquisition highlights the development opportunities within Germany’s flexible accommodation market.
Johannes Vielberth, Managing Director within ActivumSG’s Corporate Transactions team, comments:
“This acquisition reflects our shared conviction in the German serviced apartment market, where demand for high-quality flexible accommodation remains strong. Through Centralis, we see significant opportunities to build a portfolio of well-located assets that can benefit from active asset management and targeted repositioning.”
Centralis’s strategy involves acquiring traditional hotels and other urban properties in Germany’s major metropolitan areas and attractive secondary cities, with the aim of modernising or converting them into serviced accommodation.
When announcing the Cologne acquisitions, Dr Fabian Vieregge had highlighted the opportunities presented by current property market conditions for buyers capable of executing complex repositioning projects.
The group is seeking to capitalise on pressure on hotel operating costs and evolving business models, which are encouraging operator consolidation and the conversion of certain ageing properties.
Two complementary approaches to value creation
The Cologne and Hamburg transactions illustrate two distinct approaches within Centralis’s property investment strategy.
In Cologne, the investor is acquiring traditional hotels whose comprehensive conversion will create a new accommodation product operated by a specialist provider.
In Hamburg, it is investing in an existing operational property, where the potential lies primarily in optimising the current asset, implementing property improvements and exploring possible additional development.
In both cases, Centralis maintains an investment approach centred on asset location, repositioning potential and collaboration with specialist operators.
For hotel investors and owners, these transactions illustrate the growing appeal of conversion strategies and active real estate asset management in the serviced apartment segment, at the intersection of hospitality and residential property.
At a Glance
Investor: Centralis Immobilien, backed by ActivumSG.
Latest acquisition: Multi-tenant property on Hamburger Straße, Hamburg, primarily operated as serviced apartments by Arbio.
Previous transactions: Two former hotels acquired in Cologne in September 2026.
Cologne development: 233 serviced apartments across two properties totalling approximately 7,600 sqm of lettable space.
Operating partners: Bob W for the Cologne properties and Arbio for the Hamburg asset.
Investment strategy: Acquisition, refurbishment and repositioning of urban hospitality and mixed-use properties across Germany.
