The Abu Dhabi Investment Authority (ADIA) is investing in a commercial property in Germany alongside real estate manager Tishman Speyer.
Tishman Speyer, which recently acquired the Klöpperhaus building at Mönckebergstraße 3 in central Hamburg, said a subsidiary of the sovereign wealth fund has secured a 50% co-investment in the building.
Klöpperhaus was built for wool trading company Wilhelm Klöpper in 1913 as an office building. In 1965, the building was converted into a department store operated by the German department store chain Kaufhof until 2020.
Back in April, Tishman Speyer announced the acquisition of the Klöpperhaus building on behalf of the Tishman Speyer European Real Estate Venture IX (TSEV IX) fund for an undisclosed amount.
Tishman Speyer said it continues work on the rejuvenation and energy refurbishment of the mixed-use building as part of the value-add fund’s “brown-to-green” strategy.
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