Plot of development project in Hamburg sold by Bau-Verein zu Hamburg AG
- Company will re-invest sales profit in real estate in Hamburg
(Hamburg, January 2, 2008) Bau-Verein zu Hamburg, a subsidiary of TAG Tegernsee Immobilien- und Beteiligungs-Aktiengesellschaft, and Kiel-based DESIGN Bau AG have sold the 'Living and Working near the City Park' project to an international investor.
'Following the acquisition and successful project development activities, we have made use of the opportunity to sell the entire project. We plan to plough the proceeds from the sale back into further major inner-urban residential construction projects primarily in Hamburg,' explains Erhard Flint, a member of the Management Board of Bau-Verein zu Hamburg.
The joint venture, in which the two companies each hold half, has found a buyer who will remain committed on a long-term basis to this project and ensure the completion of the urban construction model. The seller will remain involved in the execution of the project.
Some 750 apartments as well as commercial units and retail outlets covering a floor area of around 14,000 sqm are being developed and constructed on this land, which abuts directly onto the City Park and is located in the Hamburg suburb of Winterhude. Construction work is expected to commence in the first quarter of 2008.
Bau-Verein zu Hamburg AG
Head of Investor & Public Relations
Tel. +49 (0) 40 380 32 300
Fax +49 (0) 40 380 32 388