From the perspective of the city of Hamburg, the proposed restructuring process under the self-administration of Signa Prime Selection AG has no acute consequences for the Elbtower.
However, a spokesman for the urban development authority also told the German Press Agency on Thursday: “Even if this does not have any direct impact on the existing contractual relationship between the city of Hamburg and the buying company, we are monitoring the situation very closely so that the city of Hamburg can take further action if necessary can take steps.”
According to the authorities, Signa Prime Selection AG led by the Austrian investor René Benko is the indirect parent of the buyer company of the Elbtower property, Hamburg Elbtower Immobilien GmbH & Co. KG. She indirectly holds 75 percent of the shares. Signa Prime Selection AG applied for self-administration restructuring proceedings at the Vienna Commercial Court on Thursday. “The aim is the orderly continuation of operational business operations within the framework of self-management and the sustainable restructuring of the company,” the company said.
The Elbtower construction site in the east of Hafencity has been idle since October. According to the contracted construction company Adolf Lupp from Nidda in Hesse, Signa, which was in trouble, did not pay its bills. Signa itself did not initially comment on this when asked. The Elbtower is expected to be 245 meters high and, as the third tallest building in Germany, will house, among other things, offices, shops, galleries, restaurants and a viewing platform on the 55th floor. So far a height of around 100 meters has been reached. Completion was previously planned for 2025, with total costs estimated at around 950 million euros. (dpa)