HSH Nordbank financing Hamburger Strasse shopping mall in Hamburg
Revitalizing one of Hamburg’s best-known shopping malls Finance volume of EUR 205 million
Hamburg/Kiel, April 7, 2008 - HSH Nordbank AG is providing total finance of EUR 205 million for the acquisition and restructuring of the Hamburger Strasse shopping mall in Hamburg-Barmbek through a joint venture between ECE Group and Hermann Friedrich Bruhn Group.
The complex, which was completed by Bruhn in 1970, is one of Hamburg’s best-known office and retail centers with an overall surface area of approx. 102,000 square meters, of which approx. 55,000 square meters of retail space and 47,000 square meters of office space in five office buildings located above it.
ECE Group will take over the management of the shopping mall and plans to revitalize the retail area extensively over the next few years. The ownership breakdown of the Hamburger Strasse shopping mall has been consolidated by involving Hermann Friedrich Bruhn and ECE; moreover, for the first time an integrated leasing concept has been developed for the property.
“We think that revitalizing this shopping mall offers attractive potential, above all on account of its very good location, its transportation links and the fact that its is well known to the public,” explained Peter Axmann, Deputy Head of Real Estate at HSH Nordbank. “We also take a favorable view of the prospects for this project because it is being realized by two highly successful investors. ECE is generally recognized as the European market leader for inner-city shopping malls and one of the most experienced companies in this field.”
HSH Nordbank AG is a strong regional bank in Northern Europe. Its total balance amounts to € 206 billion. Some 4,700 of the bank’s employees provide corporate and high net-worth clients around the globe with premium bank products and services. In its core region of Hamburg and Schleswig-Holstein, it is the market leader in the corporate customer segment. HSH Nordbank is an acknowledged partner of the capital markets and international sector specialist. Its main focus is on transportation and real estate. In fact, HSH Nordbank is the world’s largest provider of ship finance and covers the entire value chain in the transportation segment. In the area of real estate, HSH Nordbank is one of the strongest banks in Germany, acting as a provider of services relating to all aspects of real estate.
For more information, please visit us at www.hsh-nordbank.com
The information contained in this press release does not constitute an offer for the sale of any type of Hamburg Commercial Bank AG securities. Securities of Hamburg Commercial Bank AG may not be sold in the United States without registration pursuant to US securities legislation, unless such a sale takes place on the basis of relevant exceptional provisions.
This press information can contain forward-looking statements. These statements are based on our beliefs and assumptions, on information currently available to us which we consider reliable. Forward-looking statements include all statements which are not historical facts, including information concerning future growth prospects and future economic developments.
Such forward-looking statements are based on assumptions relating to future events and are subject to uncertainties, risks and other factors, a large number we cannot influence. Thus actual events can differ considerably from the forward-looking statements made. We make no warranty for the correctness or completeness of these statements or the actual occurrence of the statements made. Furthermore, we assume no obligation for updating the forward-looking statements after this information has been published.