LUXEMBOURG, March 6, 2019
LUXEMBOURG, March 6, 2019 /PRNewswire/ -- Civitas Property Group (Civitas), through a wholly-owned subsidiary, has signed an agreement to acquire the property known as the Ihme-Zentrum in Hannover, Germany. The acquisition is expected to be completed by the end of May 2019.
Civitas views the Ihme-Zentrum as a mixed-use turnaround investment opportunity. Civitas intends to fully redevelop and refurbish the site with the aim to accommodate all tenants and residential owners.
The multi tower office, retail and residential building complex was built between 1960 and 1975. Broadly, the site is comprised of Tower 1; a split-level office building of 11 and 13-story sections, Tower 2; a 22-storey office tower and Ihmepassage 3-7; a 6-storey residential complex with a retail area. The complex has over 111k sqm of lettable space including office (c.59k sqm), retail (c.25k sqm), residential (c.17k sqm) and two floors of underground parking that stretch over almost the entire surface area.
Civitas Property Group is an indirect subsidiary of Sapinda Holding B.V.