ABG Real Estate’s investment management arm has teamed up with a small group of occupational pension schemes to buy a multi-tenant office building in northern Germany.
ABG Capital and the unnamed pension schemes have invested €100m to buy the VTG Center at Amsinckstrasse 57-61/Nagelsweg 34 in Hamburg from Savills Investment Management.
Savills IM said the VTG Center is part of the portfolio of Savills IM Real Invest 1, a club deal launched in 2013 by Savills IM on behalf of three German insurance companies.
The VTG Center was built in 1996 is divided into four large units. Total rental space amounts to around 22,750sqm, spread over eight floors above the ground, with individually lettable units ranging from 120sqm to 2,800sqm.
Ulrich Höller, managing partner at ABG Real Estate, said the acquisition of the VTG Center lifts ABG Capital’s asset base to more than €550m in its first financial year.
“The property is another example of how we focus on flexible-use buildings in attractive surroundings and with a promising perspective.”
Markus Bartelmeß, responsible portfolio manager of Savills IM Real Invest 1 at Savills IM, said the transaction is the first sale of the fund.
”By selling at this point, we are realising the increase in value of the property for our investors. The freed-up capital is to be reinvested promptly in modern, sustainable office properties.”
Savills IM said following this sale, the Savills IM Real Invest 1fund holds ten properties in nine German cities including an office property under construction.
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