IVG sells Spiegal Island in Hamburg

German listed property company IVG Immobilien is selling the former headquarters of Spiegel media group to Hochtief Solutions, a division of German construction and property developer Hochief. The financial details were not disclosed.

A sales agreement was notarised on 1 August and will be executed in the fourth quarter of 2012.

Known as 'Spiegel Island', the 7,750 m² plot with several existing buildings is located between Hamburg's city centre and the Hafencity complex. Its most distinctive buildings are the former Spiegel high-rise and what is referred to as the IBM high-rise. Both are protected as historic buildings.

Spiegel Island comprises almost 22,000 m² of rental space in total and has been owned by IVG since 2007. Spiegel Group moved out at the end of October 2011, and the building has been vacant since then.

IVG decided to sell the property as the company is no longer active in the field of property development projects following its strategic realignment.

IVG Immobilien is one of Europe’s largest real estate and infrastructure companies. The company manages real estate and oil and gas cavern assets worth EUR 21.5 bn.