Savills Investment Management has completed its fourth acquisition for its European Living Fund, purchasing a fully let multifamily scheme in Hamburg from PATRIZIA SE.
Adding to the group’s €26.2 billion ($28.7 billion) assets under management, Savills IM has acquired a 118-unit rental scheme in the Tonndorf-Wandsbek quarter of Hamburg, Germany – marking the Fund’s maiden deal in the country as it expands its Pan-European capital deployment strategy.
Combining residential and commercial uses across four floors, the 7,000-square-meter (75,347-square-foot) asset – constructed in 2011 – is sustainably connected to a range of local amenities in Tonndorf, including a local shopping center, public square and publicly accessible green space. Hamburg city center also is accessible to residents through a range of public-transport methods, reflecting the global asset manager’s preference for well-connected, resilient assets benefitting from broader demand.
