The foundation Schweizer Anlagestiftung für Immobilienanlagen im Ausland (AFIAA) has acquired the "Kaisergalerie" in the center of Hamburg for 170 million euros. The seller is a joint venture of Quantum Immobilien and alstria office. The historic structure was built between 1907 and 1909. It has roughly 18.000 sqm total lettable space and was modernized in 2014 according to plans by David Chipperfield. The heart of the gallery on Große Bleichen 23-27 is an 80 m passage with twelve shops. Tenants include Escada, Reiss, and Stentströms. The upper floors are used as offices. The seller was advised on the transaction by BNP Paribas Real Estate and Jebens Mensching. Linklaters supported the AFIAA. The transaction is expected to close during Q4. The AFIAA is currently planning further purchases, some of them in the value-add segment. By 2021, their investment portfolio should have reached a volume of CHF3bn.