Swedish investment vehicle Cityhold has bought the 34,000 m2 Atlantic Haus in Hamburg from UBS Wealth management.
Swedish investment vehicle Cityhold has bought the 34,000 m2 Atlantic Haus in Hamburg from UBS Wealth management.
No price was available, but Cityhold revealed it now owned €200 mln of assets in Germany. Atlantic Haus was bought by UBS in 2007 for a reported €140 mln.
Cityhold is owned by two Swedish pension funds, AP1 and AP2. The funds have earmarked €500 mln in equity for the company and the current portfolio has a total value of around €800 mln, with around €600 mln invested in London offices.
'Cityhold is planning to further expand its investments in Germany,' said Berith Kübler. 'Cityhold has expanded its geographic target area to include Germany's five largest cities.'
The vehicle invests in core office properties in major European cities and has existing assets in London and Munich.