TMW buys Sumatra tower in Hamburg for EUR 140m

Germany's TMW Pramerica Property Investment has made its first investment in Hamburg for its TMW Immobilien Weltfonds. The fund manager acquired the Sumatra office scheme in the new HafenCity waterfront development for around EUR 140 mln.

The project provides around 30,000 m² of space, of which around 18,000 m² for offices, 4,600 m² of retail and 8,000 m² of residential accommodation. Completion of the scheme, which is being developed by Groß & Partners and ING Diba, is expected for the second quarter of 2010.

A spokesperson for TMW told PropertyEU that the building was sold by Uberseequartier Neptun GmbH, a holding company of Dutch financial group ING.

TMW Pramerica Property Investment Gmbh is the German subsidiary of Pramerica Real Estate Investors, the property arm of US insurance group Prudential Financial.