Tishman Speyer buys former Hamburg department store

Tishman Speyer has acquired a landmark central Hamburg building, the Klöpperhaus, from Württembergische Lebensversicherung.

Klöpperhaus [Image: Thomas Robbin/Architektur-Bildarchiv]

The building at Mönckebergstraße 3 was acquired on behalf of the Tishman Speyer European Real Estate Venture IX value-added fund.

Klöpperhaus was built as offices for a wool trading company in 1913 and converted to a department store in 1965 by Kaufhof group, which operated there until 2020.

Tishman Speyer will renovate the building as a mixed-use asset providing office space, retail, cultural and possibly residential use.

The deal is Tishman Speyer’s third acquisition within 24 months in Hamburg, following the purchases of Verlagsgebäude Am Baumwall 11 and the Gänsemarkt 45 commercial building. Senior managing director Florian Reiff, who oversees Tishman Speyer’s German operations, said that it is the first transaction undertaken on behalf of TSEV IX, which was launched two months ago.

“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.”

Tishman Speyer, which first invested in Europe in 1988, has AUM worth €6.6 billion in European markets in core and value-added private equity real estate funds and joint ventures.