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In Hamburg's most controversial property, the property is about to be handed over

The project developer Signa Real Estate is facing an important deadline for the planned Elbtower in Hamburg's HafenCity: After submitting proof of equity and debt capital and proof of pre-letting at the end of September, the municipal property for the planned high-rise can be handed over on Wednesday to the Signa Holding of the Austrian pass over billionaire René Benko.

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In Hamburg's most controversial property, the property is about to be handed over

The project developer Signa Real Estate is facing an important deadline for the planned Elbtower in Hamburg's HafenCity: After submitting proof of equity and debt capital and proof of pre-letting at the end of September, the municipal property for the planned high-rise can be handed over on Wednesday to the Signa Holding of the Austrian pass over billionaire René Benko. However, this "in any case presupposes an early payment of the second purchase price installment", as stated in the Senate's third statement to the citizenship. The Signa Holding is also known in Germany as the owner of the again insolvent department store chain Galeria Karstadt Kaufhof.

Already on Tuesday at 5 p.m. the budget committee of the Hamburg Parliament will deal with the construction project. Benko is controversial among the citizenship deputies. Signa paid the first installment for the property on time on June 17, 2019. The second installment is due no later than one year after the announcement of the development plan - and thus on December 23rd. "The transfer of the property also requires the payment of the second purchase price installment, so that the buyer must pay before the due date if they wish to have the property transferred earlier," explained the Senate. According to the 2018 purchase agreement between the city and Hamburg Elbtower Immobilien GmbH, the net purchase price for the property, on which Signa Real Estate has been driving underground construction at its own risk since last year, is:

According to Signa Real Estate, the Elbtower, which is expected to cost a total of 950 million euros, is scheduled to be completed by the end of 2025. According to information from mid-August, 45 percent of the space has already been pre-let. The Elbtower, designed by the office of star architect David Chipperfield, is intended to advance into the top league of the tallest skyscrapers in Germany, which is dominated by Frankfurt skyscrapers: With its 65 floors and 245 meters in height, the Elbtower will be number three nationwide behind the Commerzbank Tower and the Messeturm in the Main metropolis.

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