Kühne considers investment in Elbtower project in Hamburg
Logistics billionaire Klaus-Michael Kühne is considering taking a stake in the currently dormant Elbtower skyscraper project in Hamburg's Hafencity. "Kühne Holding is currently evaluating ways in which it can contribute to a solution to the Elbtower problem," said a spokesperson for Kühne Holding AG (Schindellegi/Switzerland) on Monday in response to a dpa inquiry. However, there are currently no talks with the City of Hamburg "and no current negotiations". The spokesperson did not comment on details.
The "Handelsblatt" had previously reported that Kühne was examining a takeover of the Elbtower. The almost one billion euro project is currently the most prominent construction site of the Signa Group, founded by Austrian billionaire René Benko, which has slipped into crisis. Benko himself has since withdrawn from Signa's business. The business is being managed by German restructuring expert Arndt Geiwitz.
Signa did not respond to a request for comment. A spokesperson for the Hamburg city development authority merely stated: "Please understand that we do not take part in speculation as a matter of principle."
Kühne Holding's potential investment in the Elbtower project could significantly impact the Hamburg real estate market. If successful, the completion of the Elbtower, a flagship project for the Signa Group, could stimulate further construction activities in Hafencity.
Source: www.dpa.com
