Zublin Development, a subsidiary of Austrian builder Strabag, is to build two office towers and a building housing a hotel in Hamburg's St Pauli district. The 40,000 m[sup]2[/sup] project was acquired from a joint venture formed by Pirelli Real Estate and Morgan Stanley Real Estate. It will have an investment volume of around EUR 150mln.
Portuguese real estate investor and developer Bondstone is investing around €70 mln in a residential development in Belas Clube de Campo, municipality of Sintra, Portugal.
