Roßmann keeps Elbtower alive: The largest construction project in Hamburg receives a new investor!

Roßmann keeps Elbtower alive: The largest construction project in Hamburg receives a new investor!

Hamburg's Elbtower, once a shining symbol of progress, is taking on new forms. In a surprising twist, Dirk Roßmann, the founder of the well-known drugstore chain Rossmann, has agreed to be an investor in the project. Loud tagesschau.de The Federal Cartel Office has now approved the establishment of a joint venture with Roßmann, real estate developer Dieter Becken, billionaire Klaus-Michael Kühne, Signal Iduna Versicherung and the construction company Adolf Lupp. This decision came about without an extensive main review process and shows the continued interest in the construction project.

However, the Elbtower is currently in ruins. Construction work stopped in October 2023 after Signa Holding, previously responsible for the project and now bankrupt, failed to pay its bills. A restructuring procedure was applied for at the end of November 2023, with liabilities of around five billion euros. This development shows how quickly the situation in the real estate sector can change, while the number of bankruptcies in the industry has reduced by 22 percent in 2025, according to haufe.de indicates a market shakeout.

A new wind in HafenCity

The Elbtower, originally a project by former real estate star René Benko, was supposed to be an impressive 245 meters high and therefore almost twice as high as the Elbphilharmonie. The height will now be reduced to 199 meters, which will result in twelve office floors being eliminated. The future usable area will shrink from 120,000 to almost 100,000 square meters. Star architect David Chipperfield has already agreed to the change, and the bottom twelve floors are reserved for a natural history museum and research facilities.

The city of Hamburg will invest around 595 million euros to take over almost half of the Elbtower. Mayor Peter Tschentscher is optimistic about the completion of the project and plans to move in the natural history museum by the end of 2029. The building permits have already been received, which gives the city an additional boost to push development forward.

Market conditions and challenges

The real estate industry is currently facing enormous challenges. Construction costs are rising while the need for office space has fallen. A look at current insolvency data shows that despite a decline in 2025, problems remain. The structural change places demands on companies and means that the risk of insolvency remains high. The pressure on companies to act is growing, and local actors are required to adapt to the changing conditions. Recommendations such as active sales and adaptations to market demands are urgent to navigate these choppy waters.

Overall, the situation around the Elbtower remains exciting. Dirk Roßmann has stayed out of the public debate on the project, but hopes for a positive turnaround are high. The combination of new investment and a clear plan for the use of the building could soon breathe life back into Hamburg's HafenCity. However, such an ambitious project requires patience and foresight.