Hamburg’s Elbtower is swaying, but it’s not even built yet! The Corona crisis threatens the lighthouse project on the Elbe bridges – because it is suddenly questionable whether the funds are still available for this.
The 245 meter high building in HafenCity will probably cost around one billion euros. Financed privately, mind you. Investor René Benko wants to build the building out of his own pocket – but he currently has completely different financial construction sites.
Corona crisis: Benko Group struggles to survive
According to a report by “Manager Magazin”, Benko’s department store group “Galeria Karstadt Kaufhof” is fighting for survival because of the corona crisis. The management is said to have informed employees that the company was facing an “existential threat” due to the corona crisis.
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According to the magazine, the department store group wants to “raise a high three-digit million amount” in order to survive. In addition, Benko and his Signa group want to put more money into the group. It is still unclear whether the money will still be available for the Elbtower. In addition, the contract could also prevent the start of construction on the Elbtower.
Hamburg: Elbtower start of construction questionable? That says Signa
Background: The citizens had agreed to the sale of the property for € 122 million to Signa a year ago – but they did set conditions to prevent a ruin. Benko has to prove that at least 30 percent of the office space is rented. However, there have been criticisms of horrendous rents in the past – questionable as to whether anyone can and wants to pay them after the Corona crisis.
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What does Signa say? Already on March 25, MOPO had inquired about the current status of the Elbtower. Result: “The planning for the construction of the Elbtower is currently continuing unrestrictedly towards the building application,” said a spokesman. At the same time, preparatory measures would be taken on the property. Sounds like you’re not worried about Corona yet.
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