AEW Europe said on Tuesday that its European Property Investors fund has sold Karstadt's flagship store in Hamburg to a fund managed by IVG Institutional Funds in Germany for just over EUR 94 mln. The Alsterhaus property is a long-leased, landmark asset which consists of approximately 31,000 m[sup]2[/sup] of space over five trading floors in the prime shopping street of Hamburg.
AEW Europe said on Tuesday that its European Property Investors fund has sold Karstadt's flagship store in Hamburg to a fund managed by IVG Institutional Funds in Germany for just over EUR 94 mln. The Alsterhaus property is a long-leased, landmark asset which consists of approximately 31,000 m2 of space over five trading floors in the prime shopping street of Hamburg.
'This sale transaction shows that despite the economic upheaval, there is still demand for quality property assets,' remarked Rui Tereso, managing director at AEW Europe and head of Portfolio Management.
Ric Lewis, outgoing chief investment officer of AEW Europe said, 'We are very pleased about the completion of this sale, its pricing and what its consummation does for our clients' investment results. We are particularly proud to have been able to accomplish this at a time when there exists so much economic uncertainty and turmoil.'
CB Richard Ellis acted for the seller.
