Since October last year, nothing has been happening at the Elbtower construction site because the Signa Group is insolvent. The mayor is optimistic – and clearly rejects one suggestion.
Hamburg’s mayor Peter Tschentscher (SPD) has clearly ruled out any financial involvement by the city in the continued construction of the Elbtower. He thereby opposed corresponding demands by billionaire Klaus-Michael Kühne.
“Mr. Benko, the Signa Group and its investors have caused great damage to the community in Austria and Germany. This does not give rise to a moral position to demand anything from the affected cities or uninvolved third parties,” Tschentscher told the German Press Agency.
Clear rejection of Kühne
Kühne recently demanded in the “Spiegel” that Hamburg should clearly state “preferably from the mouth of the First Mayor” that the city is prepared to work with the private sector to “bring the Elbtower project to a successful conclusion”. The Hanseatic city should commit to using half of the Elbtower’s rental space for municipal authorities and rent it immediately after the building is completed, “at rental conditions that ensure the property’s economic viability”.
The mayor stressed that the city of Hamburg stands by its contracts and commitments. The city sold the property for 122 million euros and approved the construction of the Elbtower. It was always clear that the project risk lay with the private investor. “The Senate definitely does not intend to take the lead or direct the continued construction or to contribute its own capital to its completion.”
Elbtower to become Germany’s third tallest building
According to current plans, the Elbtower in Hamburg’s Hafencity will be the third tallest building in Germany, with 64 floors and a height of 245 meters. Previously, the high-rise was to house offices, shops, galleries, cafés, restaurants, a fitness studio and a publicly accessible observation deck on the 55th floor. A hotel was also planned.
The skyscraper was scheduled to be completed in 2025 and cost around 950 million euros. However, at the end of October 2023, the construction company commissioned to build it stopped work at a height of 100 meters. The Signa Group of Austrian real estate entrepreneur René Benko had not paid its bills. Elbtower Immobilien GmbH & Co. KG filed for bankruptcy in January. It is an indirect subsidiary of the insolvent Signa Prime Selection AG.
Tschentscher expects solution in the second half of the year
Tschentscher said the insolvency administrator is working on a private-sector solution. “I welcome the commitment of the private bidders and assume that a solution for the completion of the Elbtower will be found in the second half of the year.” The plans are designed so that the tower will be completed. Structural changes are possible in consultation with the city and the architect, but a completely new process would have to be started for a fundamentally different development of the property.
Kühne lives in Switzerland and is involved in Hamburg
Kühne, a native of Hanseatic Germany, whose father moved the logistics company Kühne + Nagel to Switzerland in 1969 in protest against the social-liberal federal government and for tax reasons, has lived in Schindellegi in the canton of Schwyz for decades, but is very active in Hamburg. He has been involved with the second division football team HSV for years, is the owner of the luxury hotel Fontenay and has a stake in the shipping company Hapag-Lloyd.
Source: Stern
