Hamburg: R+V acquires Karstadt Sports building and LaHoMa
The Karstadt-Sports building in downtown Hamburg has been sold. TD has learned from market insiders that the new owner is an investment vehicle managed by Union Investment Institutional Property as a Service-KVG for R+V Versicherung. The transaction did not involve a real estate investment manager or asset manager. JLL is said to have advised the seller. The property, located at Mönckebergstraße 2-4, includes Karstadt Sports and the lower-level “Mö-Passage”. PGIM Real Estate had acquired the property four years ago from Signa for €110mn for an institutional investor. The current purchase price is somewhat higher. None of the named parties offered comment upon request. As it’s recently become known, R+V is also the new owner of the “Lahoma Living” retail and residential complex in Langenhorn, which Matrix and SEG have largely finalized and which is now partly open. That transaction took place in the 1st quarter for over €100mn.
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