Commerz Real has purchased in full the “Mynd” office high-rise and “Galeria Weltstadthaus” store at Berlin Alexanderplatz from SIGNA Prime for its open-ended real estate fund Hausinvest; the project is currently under construction. To date the real assets subsidiary of Commerzbank has held a stake of 20 per cent in the complex; SIGNA will continue to accompany its realisation in a lead capacity as the project development partner. Upon completion in 2025 the overall ensemble is to have a total leasable area of more than 100,000 square metres.
At the same time SIGNA Prime has acquired the stakes of 20% in eight department store properties from Hausinvest which the fund had held since 2019. These are three of the premium brand “Galeria Weltstadthaus” stores, at Hauptwache in Frankfurt am Main, Königsallee 1-9 in Düsseldorf and Hohe Strasse in Cologne, as well as the buildings Am Wehrhan 1 in Düsseldorf, Rotkreuzplatz / Pötschnerstrasse 5 in Munich, Remigiusstrasse 20 in Bonn, Ernst-August-Platz 5 in Hanover, and Kurpfalzstrasse P1 in Mannheim. Both parties have agreed to maintain confidentiality regarding the purchase prices. The partnership in the joint project Elbtower in Hamburg is not affected by this transaction.
Source: commerzreal.com on the 12th of June 2023
https://www.commerzreal.com/en/press-release/press-release/commerz-real-acquires-high-rise-development-mynd-and-department-store-galeria-weltstadthaus-at-b/