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Unibail Agrees to Invest $1.1 Billion in Hamburg Project

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Unibail-Rodamco SE will invest 860 million euros ($1.1 billion) in Hamburg’s HafenCity, Germany’s largest urban development zone, to revive an area where weeds and pond-sized puddles cover construction sites abandoned after the financial crisis.

The company signed an agreement with the city of Hamburg to build the retail and leisure part of a project in the Ueberseequartier, HafenCity’s shopping hub, by 2021, Paris-based Unibail-Rodamco said in a statement today. The development on 184,000 square meters (1.98 million square feet) of land will include stores, offices, housing, a hotel and a cruise terminal.