Hamburg, 29.03.2017. German project developer Becken is buying another plot of land in its home market of Hamburg and is planning to build 270 residential units in Hamburg Farmsen in the Wandsbek district. The specialist for the development, realization and long-term asset and investment management of commercial and residential properties has acquired the approximately 14,000 square meter plot on Friedrich-Ebert-Damm from Deutsche Rentenversicherung Nord. The site is currently used as a parking lot. The parties have agreed not to disclose the purchase price.

Dr. Michael Becken, Managing Director of Becken Holding GmbH, explains: "Despite our expansion into other metropolitan areas such as Berlin, Frankfurt and Munich, the Hamburg real estate market remains very attractive for us in the long term. Together with the Deutsche Rentenversicherung Nord building and the 'Trabrennbahn' residential ensemble to the north, our new residential project will form one of three striking urban solitaires."

The building was developed in close consultation with the senior building director and the urban planning department of the Wandsbek district. The building, designed by Schenk+Waiblinger Architekten, includes apartments and retail space on the first floor. In addition, the current plans provide for a parking facility for the employees of Deutsche Rentenversicherung Nord on the northern part of the site, which will be fully integrated into the landscaping concept.

With regard to JLL's recent forecast of an increase in demand for new construction of 15,000 apartments per year in Hamburg, Stefan Spilker, Managing Director of Becken Holding GmbH, adds: "Population growth remains strong, which confirms our decision to continue focusing on residential construction projects in the Hanseatic city. We are currently preparing the preliminary building application for the new project in Hamburg-Farmsen. We expect construction to start in summer 2018."