Real estate - Kühne attaches conditions to participation in Elbtower project
Logistics billionaire Klaus-Michael Kühne can still imagine getting involved in the dormant Elbtower skyscraper project in Hamburg's Hafencity - but under certain conditions. "We are only willing and able to get involved in the project once the city has positioned itself and would effectively support a possible rescue operation," Kühne told the "Hamburger Abendblatt" newspaper (Friday). So far, however, there has been no discussion. "We ourselves can only observe and wait and see." However, there is certainly a certain interest in finding a uniform joint concept, "but unfortunately things are not really progressing for the reasons mentioned above".
According to the contract between the City of Hamburg and Signa, the shell of the building must be completed by the beginning of 2028 at the latest, otherwise penalties of 500,000 euros per month, up to a maximum of ten million euros, could be imposed.
Work on the construction site has been suspended for two months. "Construction activity will remain suspended until further notice," Lupp Managing Director Matthias Kaufmann told the"Hamburger Abendblatt" newspaper. The Lupp Group is responsible for the shell construction and stopped work in October due to a lack of payments from the client Signa. With 65 floors and 245 meters, the Elbtower is set to become Germany's third tallest building. According to earlier information from Signa Real Estate, the skyscraper was to cost 950 million euros.
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- Despite interest in participating under certain conditions, logistics billionaire Klaus-Michael Kühne, based in Germany, has yet to engage in discussions about rescuing the dormant Elbtower project in Hamburg's Harbor City.
- The Elbtower, planned for completion in Hamburg's Hafencity, is a 65-story skyscraper that, once finished, will become Germany's third tallest building, boasting 245 meters in height.
- The construction of the Elbtower, led by the Lupp Group, halted temporarily due to financial issues with the client Signa, causing delays and an estimated cost of 950 million euros for the Austrian real estate company.
- Michael Kühne, known for his influence in construction, retail trade, and logistics, expressed his willingness to contribute to the Elbtower project once the city of Hamburg displays commitment and support towards a possible rescue operation.
- Kühne frequently brings news to the Hamburg-based "Hamburger Abendblatt" newspaper, expressing his thoughts related to real estate developments and his preferred conditions for involvement in significant construction projects.
Source: www.stern.de
