The CELLS Group has acquired the ‘Thalia-Haus’ in Hamburg's city centre from the insolvency estate of SIGNA for the Icelandic family office E3 from Reykjavik. The property is located between Monckebergstrasse, Rathausmarkt, Jungfernstieg and Binnenalster and is therefore in a prime location. CELLS is planning a mixed-use concept, which at the current and still early planning stage envisages a combination of gastronomy, hotel, entertainment, office, fitness and residential. Following the conversion, which is scheduled for completion in 2028, around 20,000m2 of rental space will be available. The parties have agreed not to disclose the purchase price.
“It is extremely rare to have the opportunity to acquire a property in such a central location in Hamburg. We are therefore all the more pleased that we now have the opportunity to develop a new gem for Hamburg's city centre together with an extremely long-term oriented partner,” said Dirk Ruppert, Chief Investment Officer of the CELLS Group.
Built in 1982, the existing building, whose eight upper floors were previously used half as a department store and half as a multi-storey car park, has a usable area of 14,300m2.
“With its 1980s façade made of exposed aggregate concrete, fair-faced concrete and grey clinker brick, the property is not yet a highlight of Hamburg's city centre - and offers exciting opportunities for an architectural upgrade,” said Norman Schaaf, Chief Development Officer of the Cells Group. CELLS is currently developing the sustainable office property ‘Am Holstenwall’ in Hamburg with another partner, directly opposite the Museum of Hamburg History. Eight months before completion, 83 per cent of the space there is already let. At the beginning of 2024, CELLS also acquired the ‘Atrium Office’ on Hamburg's Glockengiesserwall.
Image Source - Pexels.
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