Market
What will be the outcome of the Elbtower sale talks with Becken Development by June 2025?
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Elbtower•Hamburg•Signa Prime Selection AG•Torsten Martini•Becken Development GmbH•Dieter Becken•Germany•British•David Chipperfield•Nobu•Becken•Leibniz Association•Hamburg Senate
Resolution / Starting Odds
Successful Sale • 33%
Sale Fails • 33%
Sale Postponed • 34%
Official announcement from Becken Development or the insolvency administrator
Story
Hamburg's Elbtower in Exclusive Sale Talks with Becken Development
Dec 13, 2024, 06:34 PM
The Elbtower in Hamburg, a prestigious real estate project that was halted due to the insolvency of its previous owner, Signa Prime Selection AG, is now in exclusive negotiations for its sale. Insolvency administrator Torsten Martini has entered into an exclusivity agreement with Becken Development GmbH, part of a consortium led by Hamburg-based real estate entrepreneur Dieter Becken. The Elbtower, which was intended to be Germany's third-tallest building at 245 meters with over 60 floors, has been dormant since October 2023 when construction stopped due to unpaid invoices. The project, designed by British architect David Chipperfield, was to include offices, shops, galleries, restaurants, a gym, and a viewing platform, with plans for a Nobu hotel. Becken aims to complete the construction within three to four years and has proposed housing a Leibniz Association natural history museum on the lower floors. The Hamburg Senate has signaled approval for this development, emphasizing the exclusive risk taken by private investors.
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No • 50%
Yes • 50%
Private Equity Firm • 25%
Other • 25%
High-Net-Worth Individual • 25%
Institutional Investor • 25%
Public apology • 25%
Resignations • 25%
Policy change • 25%
No change • 25%
Maintained stake at 28% • 25%
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Launched a takeover bid • 25%
Increased stake to 30% without takeover • 25%
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Successful acquisition • 25%
Offer rejected • 25%
Offer modified • 25%
Counter-offer accepted • 25%
Accepted • 25%
Rejected • 25%
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Sale completed • 25%
No sale • 25%
Sale abandoned • 25%
Sale to another party • 25%
Ongoing negotiations • 25%
Successful repurchase • 25%
Failed attempt • 25%
Abandoned plans • 25%
Withdrawn • 25%
Approved and completed • 25%
Approved but not completed • 25%
Not approved • 25%
No sale, continue liquidation • 25%
Other outcome • 25%
Sold to another party • 25%
Sold to Nexus Capital Management • 25%
New editorial policy • 25%
Further resignations • 25%
No major changes • 25%
Other • 25%