After Signa bankruptcy: Hamburg buys Elbtower share for 595 million euros

The city of Hamburg intends to acquire a stake in the Elbtower. Mayor Peter Tschentscher and other representatives of the red-green city government announced today that the Senate is willing to purchase part of the high-rise.

The Leibniz Society's Natural History Museum is to occupy the lower twelve floors, comprising 46,000 square meters. This corresponds to 48 percent of the total usable space. A purchase price of €595 million was negotiated with the consortium led by Becken Development , which plans to complete the former Signa project.

Tower will be 46 meters lower

The Elbtower will be 199 meters high, down from the originally planned 245 meters. Architect David Chipperfield has approved the change. The reduction will eliminate twelve office floors, and the usable space will be reduced from 120,000 to just under 100,000 square meters. The first installment of 20 to 30 percent of the purchase price will not be due until the exterior of the Elbtower is completed.

Signa bankruptcy brought project to a standstill

The shell has lain idle since the collapse of René Benko's Signa Group and is currently approximately 100 meters high. At the end of November 2023, Signa Holding filed for restructuring proceedings with liabilities of approximately five billion euros . Shortly thereafter, the two core companies, Signa Prime Selection and Signa Development Selection, also filed for insolvency. The Elbtower was part of Development Selection's portfolio. Hamburg real estate entrepreneur Dieter Becken now leads a group of primarily Hamburg-based investors who want to complete the skyscraper .

Senate decision is subject to reservation

A formal Senate resolution is scheduled to be passed next Tuesday. This is subject to approval by the city council. Officials expect construction to resume next year and be completed in 2029. The shell has been abandoned since the collapse of René Benko's Signa Group and is currently about 100 meters high.