Hamburg, 5 July 2017 - Today, the German project developer Becken, together with Arne Klein, Head of the Department of Economics, Building and Environment in Hamburg-Wandsbek, and Dr. Hans-Joachim Barkmann, Managing Director of MEAG and representative of the future owner, ceremonially laid the foundation stone for the "Meine Königsreihe" mill quarter. By the first quarter of 2019, Becken will build 119 rented apartments, two commercial units and 84 underground parking spaces for MEAG.

The quarter offers a total of around 9,300 square metres of living space for the high-quality two to four-room apartments in a very good location with direct proximity to schools, kindergartens and shopping facilities. Arne Klein comments: "The new building project in the former brewery quarter completes the mill quarter. We welcome the construction of further rental apartments and are pleased that a modern, family-friendly quarter is thus being created".

Dieter Becken, Managing Director of Becken Holding GmbH, emphasises: "As a specialist in the development and realisation of residential and commercial properties, we have paid particular attention to the various facets of sustainability. In Wandsbek, we are therefore realising a property with a very good standard, which will be attractive in the long term for both the owner and the future residents". The new residential units were already sold to MEAG, asset managers of Munich Re and ERGO, at the end of 2016.

Dr. Hans-Joachim Barkmann, Managing Director of MEAG, says: "First-class properties in prime locations have been part of our property portfolio for decades. The 'Königsreihe' is a location we like: the location is good for apartments in the long term and is of high quality. The centre is quickly accessible. The tenants will feel comfortable - for generations. With our additional rental offer we help the tense Hamburg housing market."

Among other things, mineral insulation is used for an ecologically sustainable neighbourhood and heating is provided by district heating. There are also twelve charging stations for electric cars in the underground car park. An attractively designed inner courtyard with play areas completes the project. In addition, around 330 square meters of commercial space will be realized at the corner of Königsreihe and Wandsbeker Königsstraße.