The Karstadt department store building between the central rail station and the Stachus (Karlsplatz) has a new owner, abendzeitung.de reported yesterday. About a year and a half ago, the German-Irish investment company Signature Capital won a bid and bought the building for €180 million. These days they have sold it for €250 million to Frankfurt based RFR Holding led by German stemming investors Aby Rosen and Michael Fuchs. Signature Capital has thereby made a profit of some 40%.
According to the newspaper, it is unknown what RFR are planning to do with the six-storey building since the Karstadt department store has signed a lease for the following ten years.
The two RFR partners Rosen and Fuchs took their childhood friendship and family backgrounds in real estate to thrive in the world’s most competitive real estate marketplace – New York City. Today the firm is known for owning and managing some of Manhattan’s most prestigious signature office properties, including 375 Park Avenue (The Seagram Building) and 390 Park Avenue (Lever House).
“Our proven track record is a reflection of adding significant value to real estate acquired through property-level repositioning, strategic financial engineering, over two decades of experience in all phases of property life cycles, and leveraging all market opportunities,” comments Aby Rosen.
RFR’s diverse portfolio constitutes commercial assets, complemented by significant holdings and investments in residential, hotel and retail real estate.