Bau-Verein zu Hamburg launching major partnership venture

(Hamburg, 11 December 2006).
Bau-Verein zu Hamburg Aktien-Gesellschaft, Hamburg, a member of the TAG Group, and DESIGN Bau AG, Kiel, will be jointly implementing a project called "Wohnen und Arbeiten am Stadtpark"("Living and Working near the City Park") in Hamburg-Winterhude via a joint property company, in which the two partners hold equal shares. The project entails the development and construction of an expected 750 apartments with a total residential floor area of around 70,000 square metres as well as commercial units and retail space with an available floor area of around 14,000 square metres. The project has a total budget of around € 170 million.

"This project in a central inner-city quarter is a perfect example of sustainable urban development. We are convinced of the high potential for innovation offered by the property and the success of this partnership,"explains Erhard Flint, a member of the Management Board of Bau-Verein zu Hamburg. "The immediate vicinity of the city park in the suburb of Winterhude as well as the Hamburg central business district and Lake Alster make the quarter a very attractive residential property, offering urbane living in green surroundings."

The property, for which DESIGN Bau was awarded the contract in a tender process, had previously been acquired by DESIGN Bau from aurelis Real Estate GmbH & Co KG. It will extend over a period of at least three years and be completed in separate stages.

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