Union Investment celebrated the laying of the foundation stone for Hamburg's transformation project "Quartier Wandsbek Markt" together with the Finance and District Senator of the City of Hamburg as well as representatives from politics and the district. The resolution of the Wandsbek district assembly on the development plan is now available. This means that the transformation project can enter the next important phase: the implementation of the new building on the site of the demolished old Karstadt car park and the planned additions. A total of 126 apartments as well as office and retail space are being built.
Senator for Finance and Districts, Dr. Andreas Dressel: "Today, there is a spirit of optimism in the Wandsbek Markt district, and rightly so: the laying of the foundation stone marks the start of an exciting transformation project with new construction, conversion and additions. The project will shape the district and visibly bring something new to the district. And behind the façade, on the office space of the property, parts of the Wandsbek district office will find a new home. Departments that were previously spread over various office buildings will find a central place there in the future. Our employees can expect a customer-oriented, modern and future-proof office building that meets the requirements of contemporary room concepts, modern working environments and urban efficiency requirements."
Leon Wirges, Project Manager at Union Investment: "We are very pleased that we can now take the next big step in our transformation project and, in particular, start construction of the 126 apartments in the near future. The demolition of the old Karstadt multi-storey car park and the dismantling of the rear facades from the 60s have already taken place. The renovation of the historic façade facing Wandsbeker Markt is expected to be completed within the second half of 2026."
The "Quartier Wandsbek Markt" is currently one of the largest, privately financed transformation projects in Hamburg. It is part of the portfolio of Union Investment's open-ended real estate fund UniImmo: Deutschland. With the project, the Hamburg-based real estate company, owner of the former Karstadt property and the neighboring QUARREE Wandsbek, is creating a lively mix of apartments, retail, parts of the Wandsbek district office, offices and a catering hall at Wandsbeker Markt. Completion is scheduled for the end of 2028.
More information about the project can be found at www.quartier-wandsbek-markt.de
