Assetimmo buys Küchlin property in Basel
Assetimmo has acquired the historic property Küchlin's Variété Theater in Basel's nightlife district Steinenvorstadt. The investment foundation already owns the neighboring building.
Assetimmo Immobilien-Anlagestiftung has acquired the Küchlin property at Steinenvorstadt 55 for its investment group Businesses as of April 1. This will strengthen the presence in a prime inner-city location, Assetimmo says.
In 1912, Karl Küchlin opened a variété in the building with its neoclassical columned facade, which achieved world fame in the 1920s and 1930s: stars such as the Comedian Harmonists and Josephine Baker performed in the "Kiechli". In 2006, the Variété was converted into a multiplex cinema, and the building also houses a restaurant and seven apartments. The hall and the house facade of the Küchlin building are listed as historic monuments.
The main tenant is the cinema operator Pathé Küchlin AG, which belongs to the French Pathé Group. The current leases promise stable income over the next few years and will thus contribute significantly to the distribution, Assetimmo says.
Managing director Christian Germann says the historic property in the center of Basel fits "wonderfully" into the portfolio with urban locations, especially as a rounding-off purchase to the existing property Steinenvorstadt 53. "The Küchlin ensemble is unique in its appearance and is already sustainably oriented thanks to the district heating connection." (ah)
