UNIBAIL-RODAMCO SE signs an agreement with the City of Hamburg to develop Überseequartier in HafenCity

Paris, Amsterdam, December 12, 2014

Press Release

Unibail-Rodamco SE signs an agreement with the City of Hamburg to develop Überseequartier in HafenCity

Unibail-Rodamco, Europe's leading listed commercial property company, has signed an agreement with the city of Hamburg for the urban planning and acquisition of land in Überseequartier. This includes the acquisition of land plots from former owners. The agreement is subject to ratification by the State Parliament of Hamburg. The development project is located approx. 1 km south of the city center of Hamburg, in the heart of the HafenCity area, Europe's biggest inner city development project (157ha).

In partnership with the City of Hamburg, Unibail-Rodamco will create through mfi AG, its German subsidiary, an exceptional destination in this unique cultural and touristic area on the banks of the Elbe river. The project will include retail, restaurants, a multi-screen cinema, a cruise terminal, offices, housing and a hotel, covering a total of 184,000 square meters^[1] of which 50% will be dedicated to leisure and retail. The project will represent an investment of €860 Mn - 100% privately funded. The opening of the retail and entertainment components of the project is targeted for the second half of 2021.

Fully accessible with an existing dedicated metro station and 2,950 new parking places, Überseequartier will offer customers an innovative retail experience with 190 shops, among which many new international premium retailers. Unibail-Rodamco will deploy its latest leading initiatives such as the 4 Star label, iconic shopfronts, "The Designer Gallery", and the Dining Experience(TM) (with an exquisite dining plaza overlooking the Elbe river) to create the new standards of shopping. This development will set the benchmark for future retail and leisure environments. The project will also include new generation offices designed by world famous architect Christian de Portzamparc, Pritzker Prize 1994.

The Überseequartier project has a strategic location in the heart of Germany's second largest city with a growing population, currently at 1.7 million inhabitants. A low unemployment rate (5.4%) and a GDP per capita 64% above the German average make the region of Hamburg one of the wealthiest and most dynamic in Europe.

With 1 Mn inhabitants living in a 20-minute radius, Überseequartier also attracts numerous tourists, including 600,000 cruise passengers in 2014. This figure is expected to exceed 1 Mn beyond 2021. Furthermore, the number of overnight stays in hotels in the city of Hamburg is expected to grow from 12.1 Mn in 2014 to 18 Mn in 2020.