US developer-investor Tishman Speyer has reportedly secured a 50% co-investment from the Abu Dhabi Investment Authority (ADIA) for the transformation of a former department store property in central Hamburg.
Tishman Speyer acquired the Klöpperhaus property at 3 Mönckebergstrasse in early July for the European Real Estate Venture IX Value-Add Fund (TSEV IX) in a deal said to be worth €160 mln.
The company is working on the transformation and energy-efficient refurbishment of the landmark building into a modern commercial property as part of the fund's 'brown-to-green' strategy.
Designed by architect Johann Friedrich Höger, Klöpperhaus was built in 1913 as an office for wool trading company Wilhelm Klöpper.
From 1965 to 2020 it was used as a department store by German chain Kaufhof Group.
Located on Mönckebergstraße, the revamped scheme will benefit from direct access to the main train station and its central location on the main retail high street and the Kontorhaus business district.
The Klöpperhaus was the first investment of the TSEV IX value-add and project development fund.