Hamburg skyscraper construction halted in grim sign for German property sector
© Reuters. View of the construction site of the Elbtower building, owned by Rene Benko’s Signa and a Commerzbank subsidiary, in Hamburg Germany, November 2, 2023. REUTERS/Fabian Bimmer
But Signa, founded by René Benko, has fallen behind on its payments to its builder, Lupp, an executive of the construction firm said. The real-estate sector was a bedrock of Germany's livelihood for years, accounting for roughly a fifth of output and one in 10 jobs. Fuelled by low interest rates, billions were funnelled into property, which was viewed as stable and safe.
Elbtower is in the HafenCity district that is also home to a new concert hall, the Elbphilharmonie. Tenants are to include a Nobu hotel and restaurant, the risk advisor Aon high.
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