In some media, including NDR (North German Broadcasting), there were reports in the last few days concerning a planned home for asylum seekers in Hamburg and the sale price of properties in Sophienterrassen, currently being developed by Frankonia Eurobau. However some of the statements in these reports are not correct or exact. Frankonia Eurobau would like to explain and clarify the the points mentioned below:

Several times the impression has been given that the planned home for asylum seekers is in the grounds of Sophienterrassen or directly bordering it. This is not correct. The planned home has nothing to do with Sophienterrassen. The home is planned on the site of the old district army recruiting office for Harvestehude, which is on the street of the same name, Sophienterrasse 1a on the corner of Mittelweg.

The city of Hamburg has every right to put a home for asylum seekers in Harvestehude. The people who will come to live there are families from all over the world who are in distress and need our help. It can only be an advantage when these refugees are brought into a functioning social environment, as can be found in Harvestehude. We are completely convinced that the refugees will be accepted by the residents. This has been our experience in similar situations. For example, in Munich, Frankonia built Lenbach-Gärten, an exclusive residential area with the most expensive apartments in Munich, and a five-star hotel, comparable to Hamburg’s Sophienterrassen in terms of size and quality. Directly opposite there is a Benedictine Monastery with a soup kitchen for the poor. There has never been a single complaint from the residents of Lenbach-Gärten. The repeated reference to the falling value of the properties is also wrong. Property owners in Lenbach-Gärten are benefiting from an enormous increase in value of up to 100 percent. We also expect a sustainable rise in the value of properties in Sophienterrassen.

Furthermore it has been claimed that the price per square metre in Sophienpalais is €18,000. This is also not correct. Frankonia Eurobau’s Sophienterrassen consists of three large building phases, the Alster Villas, the Town Houses and . Sophienpalais. The price of the town houses begins at around €7,000 per square metre and 95 percent of the homes have already been sold. The apartments in Sophienpalais also start at €7,000 per square metre and almost 50 percent have been sold. The Alster Villas, which are situated directly on the Alster with an uninterrupted view of the lake, are more expensive. The Alster Villas consist of 35 apartments including some penthouses. This is the only part of the development where prices of up to €18,000 per square metre are possible.

29 January 2014