New residential district at Überseering in Hamburg

Together with Hypo Vereinsbank we are leading a syndicate providing financing of EUR 162 million, incl. pro rata funding from the KfW development bank, for the Ipanema project development. The financing covers the residential share of the mixed-use district with over 520 new flats, childcare and commercial areas.

Hamburger City Nord, built as an office area in the 1960s, is currently evolving from a mono-functional area to a mixed use district featuring flats, offices, local retail outlets and childcare facilities. As such, the green space office area by the city park is developing into a lively urban quarter and reviving City Nord with a view to the future. The architecturally attractive ensemble with its sweeping lines also boasts a high energy performance standard.Ipanema will be realised in a joint venture between PEG Projektentwicklungsgesellschaft Hamburg mbH and Richard Ditting GmbH & Co. KG.

“We are delighted that we have been entrusted to provide the project finance for this real estate development. It enables BayernLB to relieve the housing shortage in Hamburg while at the same time beautifying an area of the city,” sagt Dirk Mattner, Vice President Real Estate Northern Region at BayernLB.

“Developing and building Ipanema is a hugely exciting challenge for us and all departments have worked hand in hand on it right from the start. We are pleased to have a reliable partner at our side with BayernLB,” reiterated Authorised Representative Matthias Tscheu, who headed up coordination of the project with his team at DITTING.

Richard Ditting GmbH & Co. KG is an owner-managed company in its fifth generation, with its head office in Rendsburg and an office in Hamburg. With its 280 employees, DITTING develops and builds residential buildings, entire districts and office buildings with a total floor area of 2,000 to 40,000 square metres in Hamburg, Berlin and throughout northern Germany. In project development the company draws on the entire internal value chain of development and construction skills and interdisciplinary expertise.