Pirelli Real Estate has sold the Gossler’s Park business premises in Hamburg to Paribus Real Estate , Hamburg, for €155 million.
The multi-use property was developed and let by Pirelli in 2008 onwards.
The project forms part of a central redevelopment and upgrading of Hamburg’s Blankenese district.
Pirelli’s sale coincides with another sale of a Humburg asset announced this month.
In that case, Pirelli and joint venture partner Morgan Stanley Real Estate Investing sold the Mercado shopping centre for €164 million to Union Investment Real Estate, the German manager of open ended real estate funds. That deal was the largest single asset transaction in Germany this year.