Deutsche Pfandbriefbank has provided a €102m loan to help finance one of the largest regeneration projects in Europe.
The German bank’s development loan will be used for the construction of three buildings at Hafencity on Hamburg’s harbour. The loan was arranged for special purpose vehicles owned by Quantum Immobilien, which is developing the scheme, and Engel & Völkers, the real estate agent that will occupy one of the buildings.
Engel & Völkers will take a 5,437 sq m office building with 80 parking spaces. Another building will be a tower comprising 70 luxury apartments, 1,150 sq m of retail space and 100 parking spaces. The flats include 24 price-controlled rental apartments and 20 parking spaces. The buildings have been designed by New York architects Richard Meier & Partners.
Gerhard Meitinger, head of real estate finance Germany at Deutsche Pfandbriefbank, said: “We are pleased to support this interesting project in Hamburg’s Hafencity with a strong team. Quantum is an outstanding project developer with years of experience in the market. With Engel & Völkers we have a well-known real estate agent as partner and anchor tenant. Hamburg is an attractive market for Deutsche Pfandbriefbank where we would like to further expand our activities.”
ING Real Estate is co-ordinating the broader Hafencity on reclaimed land that was once used for docks and warehouses. The scheme will ultimately include 2.32m sq m of development including 6,000 residential units. ING is selling off plots to individual developers to bring forward.