HAMBURG,GERMANY—Unibail-Rodamco has signed an agreementwith the City of Hamburg to develop a US$1.1-billion mixed-use complex in theUeberseequartier district. Going up on 1.98 million square feet ofland, the Paris-based owner-operator's project will include office,multifamily, hotel and retail components, with the 190-store retailcomponent scheduled to open in the second half of 2021.

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The project will be built in Hamburg's HafenCityurban redevelopment area, with an existing dedicated metro stationand 2,950 new parking spaces. Unibail will develop it through itsGerman subsidiary, mfi AG, the second largest owner of shoppingcenters in Germany. It will acquire a development site that has satvacant since the 2008 financial crisis.

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Christophe Cuvillier, Unibail'sCEO and chairman, says the project is “perfectly in line” with hiscompany's strategy to focus on the largest assets in prime Europeanmarkets “and its ambition to accelerate its growth and createlong-term value in Germany. After the award of the Neo/Mall ofEurope project in Brussels earlier this year, the Group is proud toenter into a partnership with the City of Hamburg for thedevelopment of HafenCity, Europe's biggest inner city developmentproject in one of the most dynamic regions of the Continent.”

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.