German developer Chamartin Meermann Immobilien is reportedly shelving construction of its Pergamon-Palais flagship development in Berlin due to challenging financial market conditions.
German developer Chamartin Meermann Immobilien is reportedly shelving construction of its Pergamon-Palais flagship development in Berlin due to challenging financial market conditions.
German newspapers reported on Thursday that the decision was prompted by a failure to get financing for the project from an unnamed bank which initially approved financing. The group is said to be in talks with other banks for a new financing facility.
The Pergamon-Palais project consists of four buildings with a total of 11,000 m2 of lettable space. The investment for the project is expected to amount to EUR 50 mln.
