ING Real Estate confirms HafenCity exit

ING Real Estate is pulling out of the €900 mln docklands transformation scheme in Hamburg known as HafenCity, a spokesperson for the company confirmed to PropertyEU on Wednesday. She did not reveal the size of ING’s stake in the project.

The move will see ING Real Estate exit the consortium of investors behind the project, which also includes SNS Property Finance and Gross & Partner. Earlier this month, HafenCity’s managing director Jürgen Bruns-Berentelg told local newspaper Hamburger Abendblatt that a new partner was being sought to replace ING, and that efforts to this end were 'on the right track'.

German developer ECE has long been rumoured to be a potential partner for the retail section of the project.

ING Real Estate was involved in the Überseequartier section of the HafenCity project, which aims to transform eight hectares of former docklands on the river Elbe into an extension of the Hamburg city centre, effectively reconnecting the city with the river. The project has an investment volulme of around €900 mln. The Überseequartier project involves the construction of 16 separate buildings, designed by a variety of architects including Erik van Egeraat Associated Architects, Rem Koolhaas’ OMA, BDP and NPS.

The project will create a combined floor space of 272,000 m2, including some 400 apartments, 124,000 m² of office space, 55,000 m² of retail space, 10,000 m² of restaurants and bars, a hotel, cruise terminal, science centre, aquarium and 3,600 underground parking spaces. The new U4 metro line will provide access to the Überseequartier.

The HafenCity project is billed as Europe’s biggest inner-city development, covering a total of 157 hectares. Completion is due in 2025.