German investor Commerz Real has acquired a development site for a 40,000 m2 mixed-use building in central Hamburg.
German investor Commerz Real has acquired a development site for a 40,000 m2 mixed-use building in central Hamburg.
The ‘Burstah Ensemble’ was purchased for the hausInvest open-ended real estate fund for an undisclosed fee. The site is expected to comprise a hotel, offices, retail and residential accommodation and is due to be completed by end-2018.
The hotel will be built in the listed Globushof building at Trostbrücke 2, with offices, shops and apartments developed in the Allianz building at Großer Burstah 3. The project is the outcome of an urban design competition held in 2013/14 for the redevelopment of the area. The process of seeking planning permission is expected to begin in September 2015.
‘The Burstah Ensemble offers an unusually diverse mixed-use concept that will contribute to further diversifying our hausInvest portfolio,’ said Robert Bambach of Commerz Real’s executive board.
Commerz Real, a fully owned subsidiary of Commerzbank, has €32 bn of assets under management.
