A club of institutional investors led by Warburg-HIH Invest Real Estate is funding a €250m Hamburg office project.

Warburg-HIH said it will construct the new headquarters of European publishing company Gruner + Jahr, a 66,000sqm office complex in Hamburg’s HafenCity.

Hans-Joachim Lehmann, managing director of Warburg-HIH, described it as a “club deal”.

The project, which is estimated to entail total investment of around €250m and is scheduled to be completed by 2021, will be carried out by the HIH Projektentwicklung subsidiary.

Gruner + Jahr will occupy 40,000sqm of office space, and the development will also include apartments.

Preparations have begun for an architectural competition for the building’s design.

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