Fund manager Cordea Savills has acquired two office buildings in Hamburg for a combined volume of over €100 mln.
Fund manager Cordea Savills has acquired two office buildings in Hamburg for a combined volume of over €100 mln.
The properties were purchased for the firm’s special fund Cordea Savills Real Invest 1, bringing its assets under management to €320 mln.
The first building, Glockengießerwall 22, provides 16,000 m2 of office space and served as the former HQ of the Hamburger Sparkasse savings bank. It formed part of the Kontor portfolio and was acquired from a joint venture of the Becken Gruppe and US investment firm Castlelake. The second property, VTG Center, offers 22,000 m2 of office space and was previously owned by a US fund. The building is fully let
The vendors of Glockengießerwall 22 were advised by Savills und Ashurst. Savills acted for the buyer in the VTG Center deal, while Bilfinger Real Estate, Argoneo, Angermann and trûon Rechtsanwälte represented the vendor.
CMS Hasche Sigle advised Cordea Savills on the legal side in both transactions.