Corporate News: Civitas Property Group has acquired over 80% of the Ihme-Zentrum in Hanover, Germany

25 June 2019 – Civitas Property Group (Civitas), through a wholly-owned subsidiary, has acquired over 80% of the property known as the Ihme-Zentrum in Hanover, Germany.  Broadly, the site is comprised of Tower 1; a split-level office building of 11 and 13-story sections, Tower 2; a 22-storey office tower and Ihmepassage 3-7; a 6-storey residential complex with a retail area.  The complex has over 127,000 sqm of future lettable surface area including office (c.59k sqm), retail (c.52k sqm), residential (c.16k sqm) and two floors of underground parking that stretch over almost the entire surface area.

Civitas is proud to lead the future redevelopment of the Ihme-Zentrum which is currently home to about 1,500 residents and  about 1,400 office workers from Enercity, the City of Hanover and Cardea Immobilien.

Civitas will continue to undertake the structural measures agreed between the City of Hanover and the former owner of the Ihme-Zentrum, including the extensive façade works and is at an early stage of putting a full redevelopment and retail planning strategy together. Meetings with the City of Hanover regarding the bicycle pathway leading through the Ihme-Zentrum and other interfaces are moving in a positive direction and an update is expected soon.

To achieve a successful redevelopment, Civitas intends to work with Zaha Hadid Architects (ZHA, www.zaha-hadid.com) a London based firm with over 50 award-winning projects around the world.  The firm is led by Patrik Schumacher who would oversee the redevelopment of the Ihme Zentrum. Patrik is an award winning architect whose projects include the MAXXI Center of Contemporary Art and Architecture, Rome which won the Stirling Prize and the Vitra Fire Station in Weil-am-Rhein. Additionally, Patrik is a prolific lecturer and author of architecture.

Such measures are expected to fully transform the site into a more connected and integrated space which all residents, tenants and citizens of Hanover can be proud of.

Civitas Property Group is an indirect subsidiary of Tennor Holding B.V.

Contact:
Mr. Carsten Grauel, FRICS
Carsten.grauel@civitas.lu
civitaspropertygroup.com

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