Luxury icon sold: Hamburg’s Alsterhaus finds a new owner

The historic Alsterhaus on Jungfernstieg, which is part of the Signa insolvency proceedings, is changing hands. A joint venture comprising the Schoeller Group’s family office and a German pension fund is taking over the landmark property with a long-term perspective. However, as the transaction is still subject to regulatory approval, the insolvency administrator Torsten Martini has not yet issued an official statement on the deal.

The Alsterhaus on Hamburg’s Binnenalster has a new owner. The property was sold from the insolvency estate of the former Signa Group and has been acquired by a joint venture comprising the Schoeller Group’s family office and a German pension fund. The joint venture is structured indirectly, with HIH Invest acting as the fund manager under an individual mandate from a German pension fund. No details of the purchase price were disclosed.

“The Alsterhaus is one of the most significant retail properties in Germany. With our long-term institutional partner, we are securing its sustainable position as one of the leading retail destinations in Germany,” says Christoph Schoeller, Chief Executive Officer of Schoeller Invest GmbH.

The investors are committed to a long-term holding period. The focus will be on maintaining the property’s value, and potential modernisation works will also be considered. The aim is to safeguard the building’s fabric in the long term. Realty Corporation, which was responsible for structuring the transaction, will take over asset management in future.

The operation of the luxury department store remains unchanged: the KaDeWe Group will continue to operate the luxury department store; according to Timo Weber, head of the KaDeWe Group, the lease has been signed on a long-term basis. The KaDeWe Group itself – once part of the Signa empire – was restructured following Signa’s insolvency and has been wholly controlled by the Thai Central Group since 2024.

“The Alsterhaus is stable in the long term and well positioned for the future. With the KaDeWe Group as a highly professional operator and institutional structures in place, the conditions for sustainable value growth have been created,” says Robert Karde, Managing Director of Realty Corporation.

Legal advice on the transaction was provided by McDermott Will & Schulte and DLA Piper. CBRE provided support with commercial and ESG due diligence.