Alstria Office REIT has agreed the terms of a joint venture with Hamburg-based developer and fund manager Quantum Immobilien to refurbish the Kaisergalerie in Hamburg. The asset is located in one of Hamburg's prime areas called Große Bleichen. Within the framework of the joint venture, Alstria sold a 51% stake to its partner, generating about EUR 13.5 mln of liquidity.
The Grand Hotel Imperiale in Forte dei Marmi, Italy has been sold to UAE-based real estate company Emaar Properties, owner of renowned buildings such as the Burj Khalifa and the Dubai Mall.
