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Elbtower in danger: Benko's bankruptcy hits Hamburg's real estate market hard!
There are signs of upheaval in the real estate sector in Hamburg: René Benko's bankruptcy affects several projects, while the city is planning new developments.
Elbtower in danger: Benko's bankruptcy hits Hamburg's real estate market hard!
The current development surrounding the Austrian real estate entrepreneur René Benko is casting darkness on the Hamburg real estate landscape. Benko is not only facing charges of financial manipulation in Austria, but his bankruptcy also has a direct impact on the Hanseatic city. A total of seven properties, which are burdened with mortgages worth billions, are under pressure. However, the Elbtower, Signa Holding's most prestigious construction project, remains unsaleable, while all other properties have already been sold.
Finance Senator Andreas Dressel (SPD) reports on progress in Hamburg. This includes the acquisition of various important properties such as the Alsterarkaden, Flüggerhöfe and the Kaufmannshaus by investors. Hansemerkur Versicherung also celebrated the groundbreaking ceremony for a new office building on Gänsemarkt, which is scheduled to be completed as an eight-story building by the end of 2028. A “House of the Digital World” is also planned.
The situation of the Elbtower
Despite the activities in other properties, the Elbtower is becoming the central point of contention in the current discussion. With the insolvency of Signa Holding, to which Elbtower Immobilien GmbH & Co. KG belongs, construction of the skyscraper in Hamburg's Hafencity has been on hold since October 2023. The Lupp construction group stopped construction work because Signa was in arrears. The authority for urban development and housing in Hamburg has now confirmed the insolvency application and the city has a right of repurchase secured by the purchase agreement, which means that it can take over all planning and construction contracts.
While Urban Development Senator Karen Pein emphasizes that this is a private-sector project, it is expected that a private-sector solution to restart construction activity can be found during the bankruptcy process. If that fails, the city reserves the option of taking control of the project.
Economic effects and perspectives
The impact of the Benko bankruptcy is being felt in the city, particularly in the construction industry, as this situation also leads to layoffs of around 2,000 drivers while subcontractors take over their duties. The employee representatives express their horror at the current situation. The topic was also discussed in the cultural committee, where the company was included in the search for a new artistic director.
Furthermore, there are likely to be ongoing restrictions on the motorways due to construction work in a noise protection tunnel, which will also lead to additional closures at the weekend. Overall, it can be seen that the number of cars removed from January to June increased by nine percent compared to the previous year.
The challenges Hamburg is facing due to current developments are considerable. At the same time, there remains hope that the Elbtower, which was originally intended to be 245 meters high and be the third highest skyscraper in Germany, can still be built.