City of Hamburg buys former Pella Sietas shipyard site - Hamburg Secures Historic Shipyard in €20M Sanctions-Bypassing Deal
Hamburg has secured the insolvent Pella Sietas shipyard site in a unique deal, bypassing a conventional sale due to sanctions against Russia and a mortgage claim by the sanctioned Sberbank. The city purchased the 147,690-square-meter property for approximately €20 million, ensuring its ownership remains with the city.
The sale was necessary due to sanctions, as stated by insolvency administrator Achim Ahrendt. The city of Hamburg stepped in, acquiring the site for several million euros. The property will primarily be leased under hereditary building rights, with portions earmarked for flood protection measures.
Pella Sietas, one of the world's oldest shipyards with roots tracing back to 1635, remained under family ownership for over nine generations. The deal includes the protected Jucho portal crane, a listed industrial monument. Additionally, the purchase encompasses an adjacent state-run refugee accommodation facility, planned for modernization.
Hamburg's acquisition of the Pella Sietas shipyard site secures the property's future under city ownership. The deal, facilitated by sanctions and the mortgage claim, ensures the preservation of a historic industrial monument and allows for necessary flood protection measures and modernization of the adjacent facility.
