PIMCO Prime Real Estate appoints Quantum to deliver upgrade of KÖ Galerie asset in Düsseldorf

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Acquired in 2014, KÖ Galerie has a total gross leasable area (GLA) of 53,000 sqm, with a 17,400 sqm shopping gallery, a 26,800 sqm office component and a Ruby hotel on the upper floors. Situated in the prime Düsseldorf shopping street, Königsallee, the building was originally constructed in 1986 and was last refurbished in 2011. This latest refurbishment includes the restructuring of the vacant office spaces into state-of-the-art workplaces as well as optimizing the ground floor and the access to the retail and office areas. The greening of the terraces will help to improve the user wellbeing and promote biodiversity while the creation of a mobility hub with bicycle parking as its central component is intended to improve access. Moreover, energy-efficient improvements will include thermally insulated roofs, new building façades and new windows.

The redevelopment of KÖ Galerie is the next asset within an ongoing program of select redevelopments in Europe by PIMCO Prime Real Estate as a means to attract and retain prime tenants and create long-term value for investors. Previous projects in Germany include Haus Friesenplatz and Coeur Cologne, both in Cologne, and Haus am Domplatz in Hamburg. Across Europe, completed projects include 7 Avenue George V in Paris, Santa Sofia in Milan and Droogbak in Amsterdam.

Nicole Pötsch Head of North & Central Europe, Co-Head of Investment Europe, PIMCO Prime Real Estate, said: “KÖ Galerie is a very well-located asset and a prime example of a mixed-use building that will benefit from a dedicated asset management program. We have an excellent track record of such refurbishments and remain committed to enhancing value across our European portfolio where necessary.”

Frank Gerhard Schmidt , board member of Quantum, said: “We are pleased to be able to upgrade the KÖ Galerie together with PIMCO Prime Real Estate and to contribute our expertise and experience as developer, especially within high-quality redevelopments. Moreover, we are looking forward to further increasing the value of the building through our asset management.”