The Schoeller Group’s family office and a large German pension fund have formed a joint venture for Hamburg’s Alsterhaus. The new ownership structure secures the long-term future of the landmark property and enables its strategic development.
Realty Corporation, which was responsible for structuring the transaction, will take over asset management in the future. The joint venture will be implemented via an indirect structure involving HIH Invest as a KVG as part of an individual mandate of a German pension fund. The closing of the transaction is still subject to customary regulatory reservations. The purchase price was not disclosed.
“The Alsterhaus is one of the most important retail properties in Germany. With our long-term institutional partner, we are securing its sustainable position as one of the leading retail destinations in Germany,” says Christoph Schoeller, Chief Executive Officer of Schoeller Invest GmbH.
“The Alsterhaus is stable in the long term and well positioned for the future. With the KaDeWe Group as a highly professional operator and institutional structures, the prerequisites for sustainable value development have been created,” says Robert Karde, Managing Director of Realty Corporation.
The legal advice on the transaction was provided by McDermott Will & Schulte (Dr. Maximilian Clostermeyer) and DLA Piper (Fabian Mühlen and Till Burmeister). CBRE provided support in the context of commercial and ESG due diligence.
