ABG Capital, the investment management arm of the ABG Real Estate Group, has acquired the VTG Center in Hamburg in cooperation with a small club of professional pension funds.
The group is paying roughly €100 mln to buy the asset from Savills Investment Management.
The VTG Center is a multi-tenant office property and is very centrally located in the Hammerbrook district of Hamburg.
It provides 22,750 m2 of rental space on eight above-ground floors as well as around 300 parking spaces. The anchor tenants of the building, which was completed in 1996 and rented out on a long-term basis, are well-known companies such as VTG, Vodafone and EHA.
Ulrich Höller, managing partner of the ABG Real Estate Group, said: ‘With the purchase of the VTG Center, ABG Capital has increased its asset portfolio to over €550 mln in the first financial year. The property is another example of our focus on flexibly usable properties in an attractive environment and with a promising future.’
CBRE and JLL advised the buyer.
