Space Plus has acquired a former Galeria Karstadt Kaufhof department store in Cologne-Weiden as part of its active investment strategy in Germany. The parties involved have agreed not to disclose the purchase price. CBRE advised the owner on the sale.
Situated at Bunzlauer Strasse 6 in Cologne, the property was built in 1972. It boasts a gross floor area of roughly 15,500m2, providing a lettable area of 9,300m2. The building comprises three above-ground levels, as well as a basement housing a convenient underground car park with a capacity of 98 spaces. Notably, the former department store is seamlessly connected to the Rhein-Center Koln-Weiden, both functionally and structurally. Space Plus has outlined plans to reconfigure the building by the end of 2024.
Russell Jordan, Managing Director of Space Plus, remarked, "This well-known location in Cologne, directly connected to the established Rhein-Center, is ideal for us. It allows us to optimally combine our concept of self-storage with flex-office and coworking facilities. This arrangement enables users to work flexibly in dynamic surroundings and benefit from the advantages of a collaborative working environment. It not only provides them with the opportunity to store their personal items safely and conveniently but also allows them to conduct business activities in a modern and adaptable office setting."