With the sale of the Alsterhaus, a prestigious property on the famous Jungfernstieg in Hamburg, institutional investors in a special fund managed by IVG have achieved an attractive return. IVG Institutional Funds GmbH had acquired the property for the fund at the beginning of 2009 for a sum close to €100 million. Now the property has been sold to the Austrian SIGNA Group. “With this transaction, investors in the IVG fund have achieved an attractive return well into the double-digit percentage range in just under five years,” announced Lars Flechsig, head of the Hamburg branch. The parties have agreed not to disclose the exact purchase price. IVG received legal advice from Berwin Leighton Paisner.
The historic building, which celebrated its hundredth anniversary last year, is home to a premium branch of the Karstadt department store chain, putting it in the same category as other top addresses of the retail group such as Oberpollinger in Munich and KaDeWe in Berlin. The building has a rich history, having housed up-market department stores right from the start and surviving both world wars with its architecture almost entirely intact. On five sales floors, it offers products from top international brands and a gourmet boulevard.