Advisor CBRE is understood to have secured a mandate to sell the unfinished Elbtower in Hamburg from the Görg law firm, administrator to collapsed owner, Signa.
The sales mandate, which was first reported by Costar, comes after the abrogation of the rental contract by the tower’s largest tenant, the Hamburg Commercial Bank (HCB), which had agreed to lease 11,000 m2 at the end of 2020.
HCB said its decision to annul the rental agreement was ‘in accordance with the contract’ and added that it remains ‘unclear’ whether and when the Elbtower will continue to be built. ‘We decided to resign after the construction stop on the Elbtower became known and the further development of the entire Signa group of companies was subject to significant uncertainty,’ HCB said in a statement.
About a third of the 90,500 m2 gross floor office space was pre-let in autumn 2022; with the project also including a 11,500 m Nobu hotel.
PropertyEU understands that the city of Hamburg had a redemption right at a very low price to buy the tower back if it went into insolvency, but market sources say the city prefers a private sector solution at this point.
The €950 mln Elbtower project was being developed by Austrian group Signa which went into administration in November last year. Construction work on the 245-metre-high project had already stopped in October.
CBRE declined to comment on the sales mandate.
