Reinventing the high street

Redevco is currently redeveloping one of Hamburg’s icon properties. The corner building on the Mönckebergstrasse, one of the city’s top high streets, is being converted into a climate-neutral, mixed-use building, partly constructed in wood. The Elisen Palais, as it is now called, will be home to a short- and an extended-stay format on floors two to eight, as well as to retail and food & beverage concepts in the basement and on the ground floor.

Together with longstanding Joint Venture partner U.S. private equity group Ares Management, Redevco has acquired the El Corte Inglés department store in the heart of Barcelona to transform it into a highly sustainable, mixed-use prime location. The Barcelona acquisition has all the elements we look for in this type of retail-anchored investment: an ultra-prime location with high footfall in a city that is a magnet for tourists, combined with the opportunity to transform the existing format into a compelling, retail-led mixed-use destination.

Redevco is about to start the refurbishment of the iconic corner building on Boulevard Hausmann 49, a generational asset which has been held for more than 30 years. It involves the redesign of the retail units, occupying more than 6,500 m² spread over four levels, and the embellishment of the facades. Built in the early 20th century, this asset of more than 15,000 m² also hosts 6,000 m² of offices with a green patio, as well as six levels of underground parking. Work is scheduled to start in mid-March 2023.