Tishman Speyer, a leading international developer, owner, operator and asset manager of prime real estate, today announces the acquisition of Klöpperhaus at Mönckebergstraße 3, a landmark commercial property in central Hamburg from Württembergische Lebensversicherung AG. The transaction was undertaken on behalf of Tishman Speyer European Real Estate Venture IX value-added fund (“TSEV IX”) for an undisclosed consideration.
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 important transaction marks Tishman Speyer’s third acquisition within 24 months in Hamburg, following the purchases of the iconic Verlagsgebäude Am Baumwall 11 and the Gänsemarkt 45 commercial building. The investment is consistent with the firm’s record of successful and sensitive management of landmark properties in Germany and around the world.
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.”
Nils Skornicka, Managing Director and responsible for acquisitions in Northern and Central Europe, said: “With the revitalization 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, pursuing a strategy focusing on three main pillars: connectivity, customer experience and sustainability.
Tishman Speyer first invested in Europe in 1988 and now has €6.6 billion in AUM invested in European markets in core and value-added private equity real estate funds and joint ventures.
Tishman Speyer was legally advised by Neuwerk Rechtsanwälte and on tax matters by Freshfields Bruckhaus Deringer. WBRE Waterbound Real Estate provided real estate technical advice. JebensMensching and CBRE acted as advisors on behalf of Württembergische Lebensversicherung AG.