FRANKONIA EUROBAU sells Grosser Burstah to Cityhold Group
Some retail space and six apartments still available · Hamburger Abendblatt to be anchor tenant · completion in spring 2015
Frankonia Eurobau plc have sold their Grosser Burstah project in Hamburger Nikolai Quarter to the Cityhold Group, a joint venture between the two Swedish pension funds “AP 1” and “AP 2”.
The building complex, which includes retail space, restaurants, offices and 24 loft apartments – the Burstah Lofts – has a total floor space of 20,000 m2 (over 215,000 ft2). Grosser Burstah will be the new headquarters of the Hamburger Abendblatt daily newspaper, and several other titles published by the Funke Media Group. On completion in spring 2015 they will move into their new premises, which will occupy over 10,300 m2 (110,870 ft2) of office space.
Some space still available
Six of the 24 Burstah-Lofts and two retail spaces of 600 m2 (over 6,400 ft2) and 126 m2 (over 1,350 ft2) are still available. Office space of 2,400 m2 (25,833 ft2) on the upper floors, which includes a roof terrace, will also be let in the coming weeks. “To sell to such a highly respected international partner is a very special confirmation of the extremely high building standard that we have been able to achieve. The letting success alone shows us how well our project in the heart of Hamburg has been received”, commented Uwe Schmitz, chairman of Frankonia Eurobau plc.
Renaissance of the Nikolai Quarter
At the beginning of the 20th century Grosser Burstah was known as one of the most exclusive shopping streets in the Hanseatic City of Hamburg. Thanks to “BID (Business Improvement District) Nikolai-Quartier”, an urban renewal project initiated by the Hamburger Behörde für Stadtentwicklung und Umwelt (Hamburg Authority for Urban Development and Environment), the area will regain the status it once had. FRANKONIA Eurobau’s Grosser Burstah development is one of the key projects in this renewal process.
“Grosser Burstah is in an absolutely prime location in Hamburg. In the next few years the area will become increasingly important. That is why it is all the more essential to build appropriately for this location, which means to the highest architectural standards”, explained Schmitz.
Frankonia Eurobau plc’s legal advisors are Freshfields Bruckhaus Deringer.
6 October 2014