Cause Signa: Investor Kühne wants to work with consortium to complete Elbtower

Negotiations with potential donors are ongoing; according to the Hamburger Abendblatt, more than 500 million euros are needed.

The ElbTower in Hamburg is about to reach the first anniversary of its trunk – in October 2024, construction work on the half-finished skyscraper was stopped due to payment difficulties of the Austrian Signa Group. The initial budget for the major project was 950 million euros. “I hope the ElbTower will be completed,” said German investor Klaus-Michael Kune for”Hamburg Abenblatt(Monday edition). A consortium is working under high pressure.

Kühne has already lost three figures after the collapse of Signa and can only raise funds again to complete the building by forming a consortium with other investors. “It takes three or four parties, preferably equal participants, to restructure.”

The deep-pocketed investor did not want to provide precise information on the amount still missing. “It is clear that the capital requirement is several hundred million euros.”

Construction investor Dieter Becken is interested

He may already have a comrade: Hamburg construction investor Dieter Becken has long been interested in continuing to build the Elbe Tower in HafenCity, the newspaper reports. north german radio (NDR) was surprised by the statement that he already had an anchor tenant. Becken recently estimated the investment requirements at 500 to 600 million euros. “It might be a little more expensive now. But more than 300 million euros have already been invested,” Kühne said, according to the Hamburger Abendblatt.

According to the newspaper, Becken is in talks with various investors in Hamburg and is confident that if he is awarded the contract, construction will start in three months and the skyscraper will be completed within four years. But he still lacks 40% of the equity.

Kühne spoke about the current status of the negotiations regarding the consortium: “Commerz Real has a stake in Elbtower, Signal Iduna is also involved, as well as Dieter Becken and one or two others who are definitely interested.” There is no alliance yet, but there are ideas, interests, relationships and discussions.

The bankruptcy administrator hopes to complete the sale process of the skyscraper by the end of this year – the purchase contract should be signed in the autumn. (APA)