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Pirelli's German exit

The Italian firm has exited Gossler’s Park after completing the development.

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.