Tishman Speyer captures 50% co-investment in Germany’s historic Klöpperhaus building

Tishman Speyer has secured a 50-percent co-investment in a mixed-use building in central Hamburg, Germany, from a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA).

Klöpperhaus was originally built as an office for wool trader Wilhelm Klöpper in 1913. In 1965, German retail group Kaufhof converted the building behind the historic façade into a department store and operated it until 2020.

Tishman Speyer has undertaken a rejuvenation and energy refurbishment of the property, known as Klöpperhaus, as part of the fund’s “brown-to-green” strategy. The building will offer modern, flexible office space, curated retail and cultural spaces, and potentially residential space in a prime Hamburg location in the future.

Tishman Speyer took over the asset at the beginning of July for its value-add Tishman Speyer European Real Estate Venture IX (TSEV IX) fund, which focuses on connectivity, user experience and sustainability. Klöpperhaus is TSEV I