ING Real Estate said on Wednesday that construction has started for its EUR 900 mln docklands transformation project in Hamburg. The groundbreaking ceremony was attended among others by Hamburg's mayor Ole von Beust, who laid a ceremonial first stone for the Überseequartier project. The mixed-use project will transform eight hectares of former docklands on the river Elbe into an extension of the Hamburg city centre, effectively reconnecting the city with the river. Completion of the project is scheduled for 2011. The project, whose investment is estimated at EUR 900 mln, will be developer by ING Real Estate, in partnership with SNS Property Finance and Gross & Partner.
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