Ballymore needs a partner for Kudamm-Karree

The Irish Ballymore Group has big plans for Berlins Kurfürstendamm. On an area of 20.000 m² the project developer wants to invest €500 Mio and redevelop the Kudamm-Karree in the Charlottenburg district. The plan will include 21.000 m² for retail area, 30.000 m² for office space, 11.000 m² for gastronomy and 12.200 m² for theatres and museums. The original completion date was to be 2013, but as reported in the Berliner Morgenpost, the company is having financial difficulties. . The Berliner Morgenpost stated that a Ballymore spokesman had said that, due to the banking crisis it got into financial trouble and required financial support. A sale is not planned but the project can no longer be shouldered alone.

Ballymore has been searching for a solution and a new partner, to help close the funding gap, for about a year. The partial sale of the object was also considered. According to rumours the Hamburg shopping centre operator ECE and the US investor Hines are interested in participating in the Kudamm-Karree. Ralf Bock, Ballymores project manager, said to the Berliner Morgenpost: “We are dealing with several competitors.”