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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Source: www.stern.de
