IVG and HOCHTIEF Solutions have concluded an agreement for the purchase of the former headquarters of the SPIEGEL Group on the corner of Willy-Brandt-Str. 23 and Brandstwiete 19 in Hamburg.
The agreement was notarized on August 1, 2012 and will be executed in the fourth quarter of 2012. Known as 'SPIEGEL Island', the 7,750 m² plot with several existing buildings is located between Hamburg's city center and the Hafencity complex.
Its most distinctive buildings are the former SPIEGEL high-rise and what is referred to as the IBM high-rise. Both are protected as historic buildings. SPIEGEL Island comprises almost 22,000 m² of rental space in total and has been owned by IVG since 2007. The SPIEGEL Group moved out at the end of October 2011, since which time the buildings has stood vacant. The parties have agreed not to disclose the purchase price.
IVG decided to sell the property as the company is no longer active in the field of property development projects following its strategic realignment. The sale of the property will not affect the earnings of IVG Immobilien AG.