German investment manager Commerz Real has acquired a 25% stake in the Elbtower high-rise development by Signa Real Estate in Hamburg's HafenCity for its open-ended real estate fund Hausinvest.
Financial details were not disclosed.
Construction of the mixed-use high-rise building at Elbbrücken, designed by David Chipperfield Architects, is scheduled to start in early 2023 and to be completed by the end of 2025.
The pit is currently being excavated. Three years before completion, the pre-letting rate is already over 40%. According to Signa, the lease-up rate for the office space is over 30%, while a hotel operator has also been confirmed: international lifestyle brand Nobu Hospitality.
Henning Koch, CEO of Commerz Real, said: 'It's an absolute landmark property in an excellent location with outstanding architecture and construction.
'Its exceptional position and significance for Hamburg's urban development, the broad mix of utilisation types and the forward-looking sustainability concept have persuaded us and are an enrichment for our fund portfolio.'
'We're very pleased that we've been able to win Commerz Real as a financially strong and reliable investor for our landmark project. We've been engaged as partners for a long time,' said Timo Herzberg, CEO of Signa Real Estate. 'Our shared goal is to successfully complete the Elbtower on schedule by the end of 2025 and to hold it for the long term.'
The deal marks a continuation of the two firms' strategic cooperation. Since 2019, Commerz Real has already invested 20% in ten Galeria department store properties owned by Signa.
The 245-metre-high Elbtower will form the eastern end of HafenCity and will be operationally CO2-neutral. According to plans, it will obtain its energy for heating and cooling from one of the city's largest sewers and CO2-free certified district heating. Electricity will come from renewable sources.
The publicly accessible ground floors will offer room for a variety of shops, restaurants, co-working spaces and cultural uses, thus forming a public space for the Elbtower's users and visitors. A public viewing level will be available at a height of 225 metres.
Nobu Hospitality will open its first hotel and restaurant in Germany in the Elbtower, while its office spaces will be flexibly configurable.
