Art-Invest Real Estate secures Haspa financing for mixed-use project

Haspa, acting as the sole lender, has provided a €175 mln project financing agreement for this mixed-use development next to Alter Wall 38 which it also financed.

The Alter Wall 40 project will encompass approximately 40,000 m2 of gross floor area. In addition to a new hotel, office, and retail spaces, the project will include 1- to 2-bedroom apartments on approximately 7,000 m2. Hospitality company The Chocolate on the Pillow Group, in partnership with Ennismore, will operate an international hotel concept under the lifestyle brand The Hoxton.

Martin Wolfrat, partner and head of Hamburg at Art-Invest Real Estate, said: ‘We see ourselves not only as project developers but also as a driving force for the positive development of Hamburg's inner city. But without reliable partners at our side, this would not be possible. I am therefore particularly pleased that Haspa shares our vision for Alter Wall 40 and is supporting us in bringing this ambitious project to the best possible realization.’

Jens Ole Heitmann, Haspa’s head of Real Estate Customers, added: ‘The Alter Wall 40 project makes a significant contribution to the further development of Hamburg’s city centre and revitalizes the historic address in the historic Nikolai Quarter directly on the Alsterfleet. We are delighted to be able to accompany Art-Invest Real Estate as a financing partner from the outset in this important development project and are looking forward to a very good collaboration between the two companies.’

The Alter Wall 40 project, designed by Winking Froh Architekten, will involve a phased redevelopment of the historic building complex, incorporating modern elements to enhance its functionality and appeal. Situated in the heart of the Nikolai Quarter, between the Alsterfleet, the city hall, and the prestigious Neuer Wall Boulevard, the Alter Wall 40 project provides access to a variety of shopping and dining experiences.