Germany’s HSH Nordbank has provided a €139 million loan to domestic developers Aug Prien Immobilien and DC Developments to fund a residential scheme in Hamburg.
The developers, based in Hamburg, formed a joint venture in August last year to build the Strandkai quarter within HafenCity, a regeneration scheme across almost 390 acres of decommissioned harbour space, which will increase the size of Hamburg’s city centre by 40 percent.
The joint venture’s project includes two residential towers with a total of 140 units, covering more than 17,000 square metres and with retail use on the ground floors. The developers plan to sell some of the units as rental apartments.
Another two buildings in the area will be developed by the joint venture and will include 170 lower-priced co-operative apartments and 3,000 square metres of exhibition space, retail and dining areas.
The development, in which the joint venture has invested €350 million, is expected to be completed by late 2021.
In October last year, HSH Nordbank wrote a €79 million loan for the purchase and refurbishment of two office properties in Frankfurt. In July, the bank provided a €93 million loan to Cording Real Estate Group to finance its purchase of a property portfolio located across western Germany.