Hanover: Intown to sell Ihme-Zentrum to Sapinda company

08/03/2019

Intown intends to dispose of the Ihme-Zentrum, a 110,000 sqm office, retail and residential complex in Hanover. A sale agreement has been signed with the Luxembourg-based Civitas Property Group; the transaction is expected to be concluded by the end of May. Civitas, according to their website focussed on residential, is an indirect subsidiary of Sapinda Holding B.V. Founded by Lars Windhorst, Sapinda has been primarily active in the raw materials sector and most recently acquired Flensburger Schiffbau-Gesellschaft, but also participated for a time in the residential real estate companies Grand City, Isaria and Buwog. Civitas has issued a press release that the mixed-use property will undergo complete renovations. Intown had acquired the majority (85%) of the Ihme-Zentrum at a forclosure sale in 2015. The property was build built between 1960 and 1975. The remainder consists of 300 condominiums. A 20-year lease extension for 20,000 sqm of office space was negotiated with the city; in return Intwon undertook to renovate the complex by 2022.


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