Alexander Tower to Resume Construction After Four-Year Russian-Sanctions Halt

Construction on the Alexander Tower at Alexanderstraße/Grunerstraße, a planned 150-metre, 40-storey skyscraper near Alexanderplatz, resumed on Friday after nearly four years of standstill. The project stalled in 2022 when Western sanctions following Russia's invasion of Ukraine restricted payment transactions involving the Monarch Group, the Moscow-based majority owner led by entrepreneur Sergej Ambartsumyan. Hamburg developer DCD Services, represented by partner Lothar Schubert, announced that Luxembourg-based fund Equora Capital has acquired a 49% stake, with the stated aim of purchasing the remaining 51% from Monarch Group still this year — pending a review process with the state of Berlin, which must examine the origin of funds and the project's financial viability. Berlin's state-owned property management company BIM had sought to enforce a €10 million contractual penalty in 2023 over the prolonged construction halt. The revised scheme will include over 300 residential units — some publicly subsidised — a 295-room hotel in the upper-upscale category, and additional commercial space. The tower has grown from an originally planned 35 to 40 floors, and new permits for the modified design are still pending. Total investment is estimated at around €400 million, with completion targeted for 2030.