New Investor Optimistic About Completing Elbtower Project

In the wake of the halted construction due to the collapse of Signa, Hamburg-based real estate investor Dieter Becken remains hopeful about the future of the Elbtower project. In a recent interview, he acknowledged the challenges related to acquiring equity and tenants but expressed confidence that solutions could be found to resume work on the skyscraper, which has been on hold since October 2023.

Becken's consortium is interested in purchasing the Elbtower, which was initially initiated by the now-insolvent Signa Prime Selection AG. His comments followed remarks made by billionaire and potential co-investor Klaus-Michael Kühne, who expressed skepticism about the project's feasibility in a recent interview. Kühne cited financing issues and a lack of tenants as significant barriers, stating that his Kühne Holding could contribute a maximum of EUR100 million. However, he pointed out that a total of EUR400 million is needed for the project, with only one other investor besides his firm currently involved.

Addressing the concerns raised by Kühne, Becken emphasized the importance of overcoming these hurdles to ensure the continuation and ultimate completion of the Elbtower. He noted that finding additional equity partners is crucial and mentioned that multiple discussions are underway to explore various potential solutions.

On the topic of leasing space within the Elbtower, Becken expressed his belief that the tower could serve as a landmark project for Hamburg, particularly in its potential role as the home for a new natural history museum. The lower levels of the tower have been identified as ideal for the planned exhibition spaces, a conclusion supported by thorough evaluations.

The city is currently assessing the possibility of relocating the proposed natural history museum of the Leibniz Association to the Elbtower, with findings expected to be presented later this month. Securing the museum's tenancy is vital for Becken to meet the pre-letting requirements necessary for the purchase.

At present, the Elbtower project is in negotiations exclusively with Becken's consortium, as the provisional insolvency administrator is engaged solely with them regarding the sale. However, the exclusivity agreement is set to expire at the end of the month.