Tishman Speyer has announced the acquisition of Klöpperhaus at Mönckebergstraße 3, a landmark commercial property in central Hamburg from Württembergische Lebensversicherung.
The transaction was undertaken on behalf of Tishman Speyer European Real Estate Venture IX value-added fund (TSEV IX). Although financial details were not disclosed, German press reports put the deal price at €160 mln.
Designed by architect Johann Friedrich Höger, Klöpperhaus was built for wool trading company Wilhelm Klöpper in 1913 as an office building. In 1965, Kaufhof group converted the building behind the historical façade into a department store and operated the building until 2020.
Located on Mönckebergstraße with direct access to the main train station, the building benefits from its very central location on the main retail high street and the Kontorhaus business district.
This transaction marks Tishman Speyer’s third acquisition within 24 months in Hamburg, following the purchases of Verlagsgebäude Am Baumwall 11 and the Gänsemarkt 45 commercial building.
Florian Reiff, senior managing director overseeing Tishman Speyer’s German operations, commented: ‘This is the first transaction undertaken on behalf of TSEV IX, which was successfully launched two months ago, testifying to Tishman Speyer’s commitment to further value creation across the European region. 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.’
TSEV IX is the company’s latest in a series of value-add and development funds. Tishman Speyer first invested in Europe in 1988 and now has €6.6 bn in AUM invested in European markets in core and value-added private equity real estate funds and joint ventures.
