Stuttgart – Savills Investment Management (Savills IM) has sold a 16,000 square metre office property in Hamburg to the Cells Group. The Cells Group is acquiring the Atrium Office building at Glockengießerwall 21/22 in Hamburg on behalf of Kuwait’s sovereign wealth fund. Located between the main railway station and the city centre, Atrium Office comprises a heritage-protected building constructed in 1908 and an annex that was refurbished in the 1990s. Up to now, the property was part of special fund Savills IM Real Invest 1. The parties have scheduled the transfer of rights and liabilities for the first quarter of 2024.
A CMS team headed by partner Dr Volker Zerr advised Savills IM on all legal and tax aspects of the transaction. The CMS team regularly advises Savills on real estate transactions, with a recent example being the sale of a superstore in Berlin-Spandau on behalf of the European Retail Fund (ERF).
CMS Germany
Dr Volker Zerr, Lead Partner
Sandra Scheib, Counsel
Jacqueline Terhöven, Counsel, all Real Estate & Public
Tobias Schneider, Partner, Tax
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