Prestigious city-centre asset set for modernisation as HCOB finances long-term transformation
Hamburg Commercial Bank (HCOB) has provided an acquisition and investment loan to London-based asset manager Attestor for the purchase of Hamburg’s landmark property Kaufmannshaus. The financial terms were not disclosed, but the transaction signals a strategic repositioning of the historic asset in one of Germany’s most valuable urban locations.
Located between Große Bleichen and Bleichenfleet in Hamburg’s bustling city centre, Kaufmannshaus was originally built in 1906 and is listed for its heritage architecture. The six-storey commercial building comprises approximately 24,000 m² of gross floor area, encircling a striking glass-covered atrium. Attestor plans extensive redesign and modernisation to reposition the asset while preserving its historical integrity.
“We are very pleased to have convinced Attestor's experienced players with our performance and to have won the internationally active group of companies as a new customer with our tailor-made structured financing,” said Peter Axmann, Head of Real Estate Clients at Hamburg Commercial Bank. “With the purchase of the Kaufmannshaus in the heart of our home location, Attestor is securing the future of this traditional property. A project that we are happy to support.”
This marks Attestor’s latest investment in complex special situations across Europe. Known for its long-term approach, the asset manager controls over €8.4bn in capital, primarily from US university endowments and family offices. This deal not only diversifies its portfolio but also demonstrates growing cross-border investor interest in German prime real estate, particularly assets with value-add potential in resilient high street locations.
For investors and developers, the Kaufmannshaus project offers an exemplary case of value creation in supply-constrained urban cores. With ESG-compliant renovation potential, limited vacancy, and demand for high-quality mixed-use spaces in Hamburg, the building presents significant upside through adaptive reuse.
HCOB, recognised for its deep expertise in structured real estate finance, is active in key financial hubs including Amsterdam, London, and Luxembourg. Its continued focus on tailored funding solutions under ESG standards has made it a preferred partner for international sponsors eyeing German real estate.
People mentioned:
Peter Axmann, Head of Real Estate Clients, Hamburg Commercial Bank
Companies mentioned:
Hamburg Commercial Bank – lender and structured finance partner
Attestor Ltd. – asset manager and buyer of Kaufmannshaus
Kaufmannshaus – commercial property in Hamburg
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