Insurance Chamber takes over Karstadt location in Müllerstraße 25

Insurance Chamber takes over Karstadt location in Müllerstraße 25

The Insurance Chamber of Bavaria took over all shares of the project company on December 22, 2023 that wants to develop the department store location at Müllerstrasse 25, formerly Karstadt. This means that the Signa companies no longer have any shares in the project. District City Councilor Ephraim Gothe welcomes this development, since the Karstadt property and the planned development are now decoupled from the further fate of the Signa. In addition to the department store, the planned construction project also provides for a share of living and common good -oriented rooms. The Bavarian Insurance Chamber plans to implement the project on the basis of the design of Baumschlager/Eberle, which was chosen in the competition. It is hoped that the department store operator Galeria Karstadt Kaufhof is strengthened from the bankruptcy proceedings and is available as an operator in the future house. The Mitte district office is in a trusting exchange with the Bavarian Insurance Chamber and hopes to be able to implement the project together.

The closure of the department store at the end of January 2024 at the latest has local effects on the Wedding district and in particular on Müllerstrasse. The Karstadt property was an important location in the area and the planned development could have positive effects on the environment if it is implemented as planned. However, the closure of the department store has a negative impact on the employees and the local economy.

Here is a table with relevant information about the parties involved:

| Company | Participation relationship | Role |
| ————————- | ——————————————————————— |
| Insurance Chamber of Bavaria | 100% | New owner of the property and construction project |
| Signa societies | 0% | No more shares in the project |
| Galeria Karstadt Kaufhof | Operator | the department store will close at the end of January 2024 at the latest |

It remains to be seen how the situation will develop and whether the planned development of the location can be implemented.

Source: www.berlin.de