New luxury quarters on Ku'damm: construction work start according to court ruling!

New luxury quarters on Ku'damm: construction work start according to court ruling!

Kurfürstendamm, 106, 10719 Berlin, Deutschland - The construction project "Fürst Berlin" on Kurfürstendamm in Berlin-Charlottenburg reaches an important milestone after more than five years of intensive construction activity. On Monday, numerous personalities, including Berlin's governing mayor Kai Wegner (CDU), IHK boss Manja Schreiner, Carola Zarth, President of the Chamber of Crafts Berlin, and Christoph Brzezinski, district councilor of Charlottenburg-Wilmersdorf, visited the construction site. The project area comprises impressive 106,000 square meters.

The area was originally regarded as a problem child of the City West after the Kudamm-Karree was removed in 2020 and the construction work started in 2021. However, the project was subsequently affected by financing problems, lengthy approval procedures and technical hurdles. In the summer of 2023 there was a longer freezing freezer, in which Wegner warned that the area could become fallow if no progress is made.

important progress and new owners

After a phase of stagnating progress on the construction site, which has been going on since the summer of 2023, there is now positive news. A court in London has approved a restructuring plan that provides for a financing of 150 million euros. The new owner of the project is the Project Lietzenburger Straße Holdco S.á r.l. based in Luxembourg. Thanks to the judgment, a debt rescheduling of 775 million euros is now possible, which ensures the continuation of the construction work.

The previous owner, Agregate Holding, is no longer involved in the project, but receives access to over 100 million euros in cash. A total of around 300 million euros are now available to continue the construction project until his planned degree in 2025. Theater director Martin Woelffer was positive about the court decision and the associated new beginning of the construction work.

outlook on the City West

The "Prince" project is one of the largest construction projects in Berlin City West. The conversion and new building on the site of the former Kudamm-Karrees promises to change the face of this central location. However, it remains to be seen how the Situation will develop for the creditors, since several of them could possibly suffer financial losses through the judgment.

With the progress reported today, urban planners and investors hope that the new luxury quarters do justice to expectations and bring the City West new upswing. The coming months will be decisive for the successful continuation of this ambitious project.

For more information on similar construction projects in Berlin, visit the page of [Development City.de] (https:// development city.de/berlin-top-10-projekte/), which offers regular updates to urban development and architecture.

For more details about the recent developments in the “Fürst” project, follow this [Article] (https:// development city.de/bauprojekt-fuerst-in-der-city-icht-ermoeglichtbau/).

For general information on urban construction projects in Berlin and for urban development, visit Berliner Zeitung.

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