AEW Europe's EPI Fund sells Hamburg landmark asset, the Alsterhaus

AEW Europe has announced that EPI Prime Hamburg, an investment company of pan-European value-added fund European Property Investors, has sold the Alsterhaus, the high street retail asset in Hamburg, to a fund managed by IVG Institutional Funds in Germany for just over EUR94m.

This is a long-leased landmark asset which consists of approximately 31,000 square metres over five trading floors in the shopping street of Hamburg on the Jungfernstieg and is the flagship store for German retailer Karstadt.

'This sale transaction shows that despite the economic upheaval, there is still demand for quality property assets, especially in Germany,' says Rui Tereso, managing director at AEW Europe and head of portfolio management.

Ric Lewis, chief investment officer of AEW Europe, adds: 'We are very pleased about the completion of this sale, its pricing and what its consummation does for our clients' investment results.

'We are particularly proud to have been able to accomplish this at a time when there exists so much economic uncertainty and turmoil and we extend our thanks to our business partners PBG Projektentwicklung Baumanagement and to CB Richard Ellis who helped to make this possible."

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