AFIAA, a Swiss real estate investment company, has acquired the historic Kaisergalerie building in Hamburg for €170 mln.
The vendor was Alstria VI, a 49/51% joint venture between Alstria Office REIT-AG and developer-investor Quantum Immobilien. Both Alstria and Quantum are based in Hamburg.
Kaisergalerie is an 18,000 m2 property located at Grosse Bleichen 23-27 in the city’s high street shopping district. Built between 1907-9, Kaisergalerie served as the home of the well-known Ohnsorg theatre from 1936 to 2011.
Alstria acquired the asset in 2006 from the City of Hamburg and entered into a joint venture with Quantum in 2010. The building was refurbished from 2010-2014 after the Ohnsorg theatre moved out. The theatre area was converted into high-end retail space to increase the value of the historic building.
The final closing of the transaction is expected in the fourth quarter of 2017. The seller was advised by BNP Paribas Real Estate and Jebens Mensching.
