Union Investment creates mixed-use development in central Hamburg (DE)

Union Investment Real Estate AG has been granted planning permission for refurbishment of the landmark Unilever building at Dammtorwall 15. Next year, the company plans to add a separate new building featuring a hotel, apartments and office space alongside the office tower, which was built in 1965 and enjoys listed status. Union Investment has finalised agreement on a longterm lease with leading Scandinavian operator Scandic Hotels.

"We will be investing some €270 million in the office tower and new building, which will comprise the new Emporio complex and are part of the portfolio of the open-ended real estate fund UniImmo: Deutschland," says Dr. Frank Billand, member of the Management Board, Union Investment Real Estate. On completion in 2011, the office tower and new building will form a landmark real estate ensemble with a revitalising effect on the entire area. Significantly, this urban island will provide excellent access to neighbouring parts of the quarter from the inner plaza. The plans include green spaces with newly planted trees, plus paved areas where people can stroll and relax. Wide steps will create an attractive entrance to the Emporio complex from the direction of G

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