Triuva has acquired the 'Hamburg Two Towers', an office asset which will be the future headquarters of Commerzbank.
The purchase, whose price was not disclosed, was carried out via a share deal. The vendor is a subsidiary of Orion European Real Estate Fund IV.
'Demand among our investors for attractive property investments in Germany remains high. We are therefore delighted to have secured this attractive core property for our investors,' commented Heiko Süß, head of Fund Management at Triuva.
The asset, in Hamburg's St Georg district, was built in 2005 and represents a total area of around 20,000 m2. The office property has 19 floors in total and is currently being completely renovated for occupation by single tenant Commerzbank Hamburg towards the end of the year.
Before Commerzbank inked a deal for the tower, the property was the German headquarters of the electronics group Philips.
Triuva was advised in the transaction by Clifford Chance (legal) and Drees & Sommer (technical). Orion was advised by the law firm King & Spalding. The transaction was brokered by Jones Lang LaSalle.
