Million dollar deal in the old country
After bankruptcy: Hamburg purchased the former shipyard site
November 13, 2025 – 18:13Reading time: 1 minute.
A site measuring 147,690 square meters: The city of Hamburg spent a lot of money on such a large area. This ship previously belonged to a shipyard that is now bankrupt.
The city of Hamburg has bought the site of the bankrupt Pella Sietas shipyard in Altes Land for around 20 million euros. Hamburg tax authorities announced that this was the highest bid. With its size, the city also acquired the listed Jucho gantry crane.
The shipyard covers 147,690 square meters – the size of about 20 football fields. Hamburg plans to allocate most of its territory for industrial purposes under lease rights. Under this arrangement, the city retains the property while the contractor can use it for payments. Some areas are designated for flood protection.
The purchase package also includes locations close to refugee public accommodation. There, outdated containers must be replaced with modern accommodation.
Bankruptcy administrator Achim Ahrendt explained that the shipyard site had to be auctioned because of sanctions against Russia. Normal exploitation through the investor process is impossible. The background was a mortgage held by the sanctions-hit Russian Savings Bank, which, as one of the shipyard’s largest creditors, had received collateral for its loans.
Before going bankrupt in 2021, Pella Sietas was one of the oldest shipyards in the world. The shipyard was first mentioned in documents in 1635 and was owned by the family for nine generations.
