AFIAA buys Kaisergalerie in Hamburg

The property at Grosse Bleichen 23-27 in the center of Hamburg has a total leasable area of around 18,000 sqm, divided between retail and office uses. The centerpiece is a more than 80-meter-long and five-meter-wide passage that runs through the middle of the building and connects the highly frequented Grosse Bleichen with the Bleichenfleet.

The total of 3,400 sqm of retail space is leased to twelve stores, including the fashion brands Escada, Reiss and Stenströms. The office space is located on the upper floors of the seven-story Kontor building.

The Kaisergalerie was built between 1907 and 1909 and is included in the list of recognized monuments in Hamburg. From 1936 to 2011, Hamburg's Ohnsorg Theater was located here. Starting in 2014, the property was extensively renovated according to plans by renowned British architect David Chipperfield. In the process, many stylistic elements preserved in the original, such as historic columns, coffered ceilings and wall coverings, were uncovered and refurbished. In addition, a new footbridge was added to the Kaisergalerie's Fleetside, so that the building has since had access to the Bleichenfleet arm of the Elbe. The Kaisergalerie was reopened in 2015.

Further acquisitions to follow

The property will become part of the AFIAA Global investment group, which focuses on core and core plus properties. "The strategy targets properties with excellent location criteria that contribute to low portfolio volatility in addition to capital preservation and sustainable return expectations," says Ingo Bofinger, CEO of AFIAA.

AFIAA is planning further acquisitions in central metropolitan locations as part of its "Strategy 2016+". It also intends to buy properties with development potential whose value creation is to be increased through refurbishment measures. A portfolio volume of CHF three billion is targeted by 2021.