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MAGNA Immobilien AG acquiring and building “Spiegel Island” project, Height 5

Hamburg
03.11.2016

Hamburg-based MAGNA Immobilien acquires the last available project at Hamburg Heights. Height 5 is expected to consist of around 50 high-end condominium apartments with a floor area in excess of 4,000 m² and has a total investment volume of over EUR 20 million.

Construction is due to start in early 2017 and the exclusive apartments in a prime location should be ready to hand over to their owners as early as the beginning of 2018. “This exciting project is a milestone for MAGNA Immobilien. We are very aware of its importance in terms of urban development and we are delighted that the construction of this outstanding residential project will start soon,” says David Liebig, Managing Director of MAGNA. The project was developed and sold by HOCHTIEF Projektentwicklung. Marketing of the apartments should start as soon as the floor plans have been finalized. “This unique location with an unobstructable view of the Speicherstadt—a World Heritage Site—and within walking distance of the Elbphilharmonie concert hall makes this project a real gem,” adds fellow MAGNA Managing Director Jörn Reinecke. “The first potential buyers already contacted us immediately after we acquired the lot.”

The Hamburg Heights ensemble is one of the exceptional urban development projects in the City of Hamburg and was developed by HOCHTIEF Projektentwicklung over recent years, under large attention. The lot of around 7,700 m2 in Hamburg’s old town (Altstadt) is in a prime location between the Inner Alster and HafenCity. The entire ensemble, comprising the former IBM high-rise—last used as the Spiegel magazine’s publishing house—and the Spiegel’s editorial building, is listed as a heritage landmark. An underground parking garage extends beneath the entire lot. Apart from the Height 5 residential construction project there are two further new-builds (Height 3 and 4) as well as the two refurbished buildings, Height 1 and 2, which house hotels and offices respectively. “The successful conclusion of our project development confirms that we recognized the potential of the lot known as “Spiegel Island” early on,” explains Gordon Gorski, Managing Director of HOCHTIEF Projektentwicklung GmbH. “That paves the way for revitalizing the area between the Kontorhaus district and HafenCity.”

Contacts:
Katharina Surray
MAGNA Immobilien AG
Große Elbstraße 45
22676 Hamburg, Germany
Telefon +49 (0) 40 / 696 528 200
Fax +49 (0) 40 / 696 528 499
immobilien@magna.ag

Gabriele Stegers
HOCHTIEF Projektentwicklung GmbH
Alfredstraße 236
45133 Essen, Germany
Telefon +49 (0) 201 / 824-2282
Fax +49 (0) 201 / 824-1728
gabriele.stegers@hochtief.de