AEW Europe has sold a high street retail building from its European value-added fund, European Property Investors (EPI).
The group sold the Alsterhaus building for €94 million to German fund manager IVG Institutional Funds. The five-story property, on Hamburg's prime shopping street, Jungfernstieg, includes tenants such as German retailer Karstadt.
“This sale transaction shows that despite the economic upheaval, there is still demand for quality property assets especially in Germany,” Rui Tereso, managing director at AEW Europe and head of portfolio management, said in a statement.
AEW closed European Property Investors on €759 million in 2004. Its follow-on fund, European Property Investors Special Opportunities, closed last year on €788 million.