A special fund managed by IVG Institutional Funds has sold the Alsterhaus retail complex in Hamburg to Austrian group Signa for an undisclosed amount.
A special fund managed by IVG Institutional Funds has sold the Alsterhaus retail complex in Hamburg to Austrian group Signa for an undisclosed amount.
IVG Institutional Funds had acquired the property for the fund at the beginning of 2009 for a sum close to €100 mln.
'With this transaction, investors in the IVG fund have achieved an attractive return well into the double-digit percentage range in just under five years,' said Lars Flechsig, head of the Hamburg branch.
The historic building is home to a Karstadt department store and dates back around 100 years.
IVG received legal advice from Berwin Leighton Paisner.
