The KÖ-Galerie – known for its location on the Königsallee shopping street in Düsseldorf – is to be modernized. Real estate investor Pimco Prime Real Estate, which has owned the property since 2014, is planning a renovation by the second quarter of 2028. The modernization work is to be carried out by the German company Quantum.
The mixed-use KÖ-Galerie property covers a total rental area of 53,000 sqm, which consists of a shopping gallery (around 17,400 sqm), office space (around 26,800 sqm) and the Ruby Hotel on the upper floor. The building was built in 1986 and last renovated in 2011. The new renovation plan includes restructuring the office space into “modern workplaces” and optimizing the ground floor, which mainly consists of the shopping arcade. In addition to new terrace greenery and a mobility hub with bicycle parking spaces, the work will also include thermally insulated roofs, new building facades and new windows.
Nicole Pötsch, Head of North & Central Europe, Co-Head of Investment Europe, PIMCO Prime Real Estate, says: “The 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 in such redevelopments and remain committed to increasing the value of our entire European portfolio where necessary.”
Frank Gerhard Schmidt, member of the board of Quantum, says: “We are delighted to be able to enhance the KÖ-Galerie together with PIMCO Prime Real Estate and to contribute our expertise and experience as a developer, especially in high-quality re-developments. In addition, we look forward to further increasing the value of the building through our asset management.”
