Partner Commerz Invest expects construction to continue soon
Following an interruption in the construction of the Elbtower project in Hamburg, Commerzbank's asset manager Commerz Real expects construction work to continue quickly. Commerz Real is in talks with both Lupp, the company entrusted with the shell construction, and the project developer Signa "in order to find a solution quickly", a Commerz Real spokesperson said on Friday in response to an inquiry. "We remain absolutely convinced of the Elbtower and assume that construction work can be resumed soon."
Commerz Real acquired a 25 percent stake in the Elbtower project last summer on behalf of the open-ended real estate fund "Hausinvest".
The project developer Signa Real Estate itself, which belongs to the Signa holding company of Austrian billionaire René Benko, has not yet responded to inquiries about the reasons for the interruption to construction work on the Elbtower. The Commerz Real spokesperson said that his company had been informed directly by the Lupp company before it interrupted the work.
The high-rise building on the eastern edge of Hamburg's HafenCity, one of Europe's largest urban development projects, is set to become the third tallest high-rise building in Germany after the Commerzbank Tower and the Messeturm in Frankfurt with 65 floors and a height of 245 meters. According to earlier information from Signa Real Estate, the skyscraper is expected to cost 950 million euros.
Commerz Real, being the investor in the Elbtower project with a 25% stake, is actively engaging with both Lupp and Signa to resume the construction of the stalled Elbtower project in Hamburg's HafenCity. Despite the interruption, Commerz Real remains optimistic about the resumption of construction work in the real estate development, which is set to become one of Germany's tallest buildings upon completion.
Source: www.dpa.com
