ING Real Estate to pull out of HafenCity project in Hamburg

The head of Hamburg's HafenCity project has confirmed reports that ING Real Estate is pulling out of the EUR 900 mln docklands transformation scheme.

The move, which was first reported by local newspaper Hamburger Abendblatt, will see ING Real Estate exit the consortium of investors behind the project, which also includes SNS Property Finance and Gross & Partner.

'A new partner is being sought, and we are on the right track,' HafenCity's managing director Jürgen Bruns-Berentelg told the newspaper. German developer ECE has long been rumoured to be a potential partner for the retail section of the massive 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 of around EUR 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 creates a combined floor space of 272,000 m2, including some 400 apartments, 124,000 m² office space, 55,000 m² retail space, 10,000 m² restaurants and bars, a hotel, a cruise terminal, a science centre, an aquarium, 3,600 underground parking spaces. The new U4 metro line will provide access to the Überseequartier