Real estate manager Tishman Speyer has acquired a commercial property in Germany from Württembergische Lebensversicherung on behalf of its latest European value-add fund.
The manager has paid an undisclosed sum on behalf of the Tishman Speyer European Real Estate Venture IX (TSEV IX) fund to acquire the Klöpperhaus building at Mönckebergstraße 3 in central Hamburg.
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 German department store chain Kaufhof until 2020.
Florian Reiff, senior managing director overseeing Tishman Speyer’s German operations, said the acquisition is the first transaction undertaken on behalf of TSEV IX.
”We’re truly delighted to add this exceptional property to our portfolio. With this acquisition we continue to pursue our ‘brown to green’ strategy of innovatively repurposing existing properties, bringing them up to date in terms of energy efficiency and upgrading them to vibrant locations.”
Nils Skornicka, managing director and responsible for Tishman Speyer’s acquisitions in Northern and Central Europe, said: “With the revitalisation of the listed Klöpperhaus at Mönckebergstraße, we want to have a positive impact on the development of the urban environment in close coordination with the city of Hamburg.
”In the future, the mixed-use property will offer modern and flexible office space, curated retail, cultural and potentially residential spaces in a prime and well-connected location.”
TSEV IX is the company’s latest in a series of flagship value-add and development funds. Back in February, the manager announced receiving an initial €600m in capital commitments for the latest European value-add real estate fund which seeks to raise €1bn.
Tishman Speyer raised €750m for its eighth European value-add real estate fund in 2018.
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