Savills Investment Management (Savills IM), the international real estate investment manager, has signed a sale agreement for the multi-tenant office property “VTG Center” in Hamburg. The closing of the transaction is scheduled for the first quarter 2022. The buyer is ABG Capital, the investment manager of the ABG Real Estate Group, together with a small club of occupational pension schemes.
The property is part of the portfolio of the institutional real estate special fund “Savills IM Real Invest 1”, a club deal which was launched in 2013 by Savills IM on behalf of three German insurance companies. Following this sale, the fund holds ten properties in nine German cities including an office property under construction.
The VTG Center was built in 1996 and is located in the Hamburg-Mitte district of Hammerbrook. The four interconnected building sections, each with its own entrance, comprise a total of approx. 22,750 sqm of rental space across eight floors. The building is let on a long-term basis and has excellent visibility and infrastructure connections. The surrounding area is characterised by a heterogeneous use of residential, office and commercial buildings.