Franco Dutch listed property giant Unibail-Rodamco has signed an agreement with the city of Hamburg to develop the Überseequartier district in HafenCity, representing an investment of €860 mln.

Franco Dutch listed property giant Unibail-Rodamco has signed an agreement with the city of Hamburg to develop the Überseequartier district in HafenCity, representing an investment of €860 mln.

Under the deal, Unibail-Rodamco will acquire and develop land in Überseequartier, which is located in the heart of the HafenCity area, Europe's biggest inner city development project. The agreement includes the acquisition of land plots from former owners.

The deal is subject to ratification by the state parliament of Hamburg.

The project will include retail, restaurants, a multi-screen cinema, a cruise terminal, offices, housing and a hotel, covering a total of 184,000 m2 of which 50% will be dedicated to leisure and retail. The development will also offer 2,950 new parking places.

The opening of the retail and entertainment components of the project is targeted for the second half of 2021.

Christophe Cuvillier, CEO of Unibail-Rodamco, said: 'Überseequartier project is perfectly in line with Unibail-Rodamco's strategy, which focuses on the largest assets in prime catchment areas in Europe, and its ambition to accelerate its growth and create long-term value in Germany.'