Garbe and Terragon secure funding for Hamburg senior living scheme (DE)

Garbe and Terragon secure funding for Hamburg senior living scheme (DE)

Hamburg Commercial Bank (HCOB) is providing funds to a joint venture between Garbe Immobilien-Projekte GmbH and TERRAGON AG for the project development of 186 premium apartments for senior citizens in Hamburg's HafenCity. The investment amount is in the low three-digit million euro range. The parties have agreed not to disclose the financing amount.


The 186 apartments in the premium segment, specially designed for seniors, comprise around 14,000m² of living space, in units ranging from 40m² to 180m². On a total area of around 21,000m², there will also be generous service and communal areas, function rooms, a restaurant and a wellness area including a therapy pool and fitness room. The project will be realized in two residential buildings with five and six stories, each plus a staggered floor, above retail space in the "Westfield Hamburg-Uberseequartier" currently under construction. This mixed-use quarter is being developed by Unibail-Rodamco-Westfield.


"Accompanying innovative projects in our home location is always something special for us. In this project for best agers, two experienced project developers have joined forces, complementing each other perfectly and bringing the necessary expertise," said Peter Axmann, Head of Real Estate Clients at Hamburg Commercial Bank. "The concept fits ideally into the integrative Überseequartier, which combines living, working as well as entertainment and also offers attractive shopping opportunities."


"As a Hamburg-based company, we have been a developer from the very beginning in HafenCity – which makes us all the more pleased to see how this district is developing, and 'VILIVIF Hamburg' is a particularly fine example of this. Over the past decades, we have already successfully realized many projects with HCOB, which we value highly not only for its expertise but also for its commitment," said Fabian von Koppen, Managing Director at Garbe Immobilien-Projekte.


"Our residents want to enjoy life. They are looking for relaxation and comfort, activity and inspiration," explained Michael Held, CEO of TERRAGON AG. "We support them with our wide range of offers to individually shape life in retirement according to their own wishes."

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