German asset manager Warburg-HIH Invest has bought a 15,000sqm Hamburg office asset from Aberdeen Standard Investments’ second European real estate club vehicle.

The Standard Life Investments European Real Estate Club II (Euro Club II) fund sold the shares of Alster, the holding company for Hanse Forum, for an undisclosed sum. 

Swiss Life Asset Managers is the co-investment partner along with Aberdeen Standard Investments.

Warburg-HIH Invest acquired the asset on behalf of two core funds, Warburg-HIH TOP 7 Deutsche Metropolen Immobilien Invest and Deutschland Selektiv Immobilien Invest.

The property, which is almost fully let, consists of office and retail space.

Andrew Creighton, the head of real estate in continental Europe at Aberdeen Standard Investments, said: “As part of our strategy for the Euro Club II fund, we secured prominent tenants, such as WeWork, and evolved Hanse Forum from a value added to a core asset.

”The sale of Hanse Forum in Hamburg represents the successful completion of this strategy, which we’ve achieved ahead of schedule and with strong returns, above our fund target.”