Space Plus, the provider of self-storage facilities in combination with innovative workplace concepts such as coworking and Flex Office, 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, a globally-active real estate service provider, 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 15,500 square meters, providing a lettable area of 9,300 square meters. 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 Köln-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.”
Cologne-Weiden is a part of the Lindenthal district, which is recognized as one of the most populous areas in Cologne, boasting a population of 153,600. Similar to the Rhein-Center, the former Galeria Karstadt Kaufhof department store enjoys excellent connectivity to both the road network and public transportation in Cologne and its surrounding regions. Conveniently situated right outside the property is the Weiden-Zentrum tram stop, which is served by Line 1 and multiple bus routes.
The Rhein-Center, managed by ECE Marketplaces, has been operational since 1972. Throughout the years, it has grown into a flourishing shopping center that appeals to residents of the western part of Cologne and its surrounding regions. The center underwent renovation and expansion in 1995 and 2008, further enhancing its offerings. Visitors to the center can explore a wide selection of over 160 shops spanning a sales area of 40,000 square meters, with approximately 1,500 parking spaces available. Prominent retailers such as Apple, H&M, Rewe, dm, Intersport Voswinkel, Saturn, Zara, Peek & Cloppenburg, and TK Maxx act as anchor tenants, significantly contributing to the success of the Rhein-Center.
