Hypo Real Estate Bank AG is financing the 'Wallhöfe' project of Deutsche Immobilien AG and HAMBURG TEAM Gesellschaft für Projektentwicklung in the Neustadt quarter of Hamburg. The financing volume totals approximately €100 million, and the credit agreements were signed in November 2006.
By the year 2009, a new quarter with a total floor area of approx. 45,000 m² will be built on the former Haspa site in the Neustadt quarter of Hamburg. The following will be built on the site of approx. 11,700 m² after the existing buildings have been demolished: Approx. 20,700 m² gross floor area for rental and owner-occupied apartments, approx. 11,000 m² for a hotel and approx. 9,000 m² for a boarding house as well as approx, 3,500 m² for office and approx. 800 m² for retail premises. The quarter is located in Hamburg's Neustadt-Nord between the Old Town and the park 'Planten un Blomen' in a popular residential area of Hamburg with a wide range of cultural and gastronomic services.
"This project development in a popular quarter of Hamburg is a classic example of the trend towards revitalising inner cities. An attractive location for living and working is being created on a site which used to be used mainly for industrial purposes," says Frank Lamby, Spokesman of the Management Board of Hypo Real Estate Bank AG, and Gerhard Meitinger, Head of Structured Finance/ Portfolio Transactions, adds: "With this transaction, we have again demonstrated that the bank is a competent partner for complex project development measures."
Source: Hypo Real Estate