HSH Nordbank finances Frankfurt development project for Tishman Speyer
Hamburg/Kiel, April 13, 2015 - HSH Nordbank is providing development financing amounting to EUR 228 million to the Tishman Speyer Group for the development of a high-rise building at the heart of Frankfurt's financial district. The project is being developed for the latest Tishman Speyer "Value-add" real estate fund in Europe.
A mixed-use high-rise building around 175 metres high will be built in Grosse Gallusstrasse on a plot of land measuring around 2,400 square meters. Following the successful completion of the MesseTurm, OpernTurm and TaunusTurm projects, Tishman Speyer is further expanding its activities in Frankfurt with this new project. Construction is scheduled to begin this year and the building is due to be completed by the end of 2018.
Tishman Speyer is among the world's leading real estate owners, developers, operators and fund managers and has been operating on the market for more than three decades. Since its establishment it has acquired and developed 362 projects with more than 12 million square meters. The company also has a global real estate portfolio worth more than USD 68 billion.
"The Frankfurt real estate market remains attractive to both German businesses and international investors. It is not least for this reason that we recently opened an office in Frankfurt's financial district. We have a long-standing business relationship with Tishman Speyer, in the course of which a professional management team has repeatedly demonstrated its extensive expertise and in-depth knowledge, including with regard to the German commercial real estate market", said Peter Axmann, Head of the Real Estate Clients division at HSH Nordbank.
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