Hamburg: ABG Group’s real estate project "KONRAD" sold to Zurich Group Germany

Hamburg, May 22, 2018 - The ABG Group has sold its hotel and residential project "KONRAD" as a forward deal. The purchaser of the property on Adenauerallee in Hamburg’s St. Georg district is Zurich Group Germany. Both parties agreed not to disclose the purchasing price. The broker Grossmann & Berger accompanied the transaction. The ABG Group was supported by the law offices Wagensonner Rechtsanwälte (Wagensonner attorneys) and ALR Wirtschaftsprüfer (ALR chartered accountants), the law office Luther Rechtsanwälte (Luther attorneys) supported Zurich Group Germany.

"As a result of a recently completed transaction with the Zurich Group Germany we could perform the negotiations on our 'KONRAD' project in a particularly trusting atmosphere," comments Bernhard Visker, ABG Group’s Managing Director, on the conclusion of the purchase agreement. Guido Wiese, Managing Director of ABG Projektentwicklungsgesellschaft mbH, adds: "We are pleased to now continue our successful cooperation with the Zurich Group Germany in Hamburg".

"This acquisition emphasises our strategy of long-term investments in core properties in established and attractive locations. With the asset classes residential and hotel, we are consistently pursuing further diversification and expansion of our portfolio," says Guido Masmeier, Head of Real Estate Transaction of Zurich Group Germany.

With 'KONRAD', the ABG Group is currently carrying out a modern hotel and residential building. The project site in Hamburg with 4,100 m² in size is located not far from the city centre and the central station. The architectural design by Störmer Murphy and Partners, Hamburg, provides for a seven-storey hotel building and an almost 60-meter-high 17-storey residential tower. Together, the gross floor area of the two parts of the building amounts to almost 23,000 square meters above ground. After completion, the block building will house a four-star hotel branded Courtyard by Marriott with 277 rooms that is operated by the Bierwirth & Kluth Group from Wiesbaden. In the high-rise building, 113 rental flats ranging in size from 30 to 150 m² of living space are being built. The apartments on the upper floors offer a special highlight: their future residents enjoy a view of Elbe and Alster. An underground car park with 175 parking spaces tops off the property's concept. Overall completion is scheduled for early 2019.

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