There are already several interested parties for the Elbtower shell in the Hamburg Hafencity. On May 1, the city registered its right of repurchase with the trustee of the Austrian Signa Group.
Since the city of Hamburg has no say in the current sales process, this step was necessary, said city development senator Karen Pein (SPD). She doesn’t even know who asked the curator to continue building the Elbtower.
Buying back the property is possible, for example, if the trustee prefers an investor who is not an option for the city. This would mean that the city would actually become the new developer of the multibillion-dollar project. You have until the end of January 2025 to find someone. If Hamburg wants to retain control of the process, it must purchase the property before the end of the nine months.
Standstill since October
It doesn’t fail because of a lack of investor interest; several would have already contacted us. The Elbtoren was supposed to be the end of the Hafencity. However, the construction site has been at a standstill since October. The construction company stopped work at a height of 100 meters because the Signa Group of the Austrian real estate entrepreneur René Benko had not paid the bills. Bankruptcy was filed for in January this year.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
