Continental : Favors Location Near Pferdeturm for New Headquarters in Hanover

• Company and city are now entering concrete negotiations
• Technology company expects capital expenditure in the high double-digit million euro range
• Praise for offers and commitment of the people in charge from Hanover and Garbsen

Hanover, June 14, 2016. Global technology company Continental is favoring the location near the Pferdeturm in Hanover as the site for its future headquarters. The company has now officially entered concrete, detailed negotiations about this with the city of Hanover. The focus here is on the possible acquisition of two areas north and south of Hans-Böckler-Allee. The plots have a combined surface area of around 37,600 square meters. The plan is for the two plots to be structurally linked, should the headquarters be built there.

Old Continental Headquarter in former plant Hanover-Vahrenwald

'After examining various offers of potentially suitable plots in Hanover and Garbsen, we opted for the two vacant areas near the Pferdeturm in Hanover. We are planning to build our new headquarters there in the form of a modern construction with a campus-style design that is a striking feature for both the city and our company and facilitates communication. We will also have sufficient reserve space there, which will offer further development potential for the future,' said Dr. Elmar Degenhart, chairman of the Continental Executive Board. He went on to say: 'Perfectly acceptable, brilliantly thought-out, and highly competitive offers from Hanover and Garbsen were submitted to us - both of which would have been worthy winners, as the representatives from both the city of Hanover and the town of Garbsen showed an extraordinarily high level of commitment. We are extremely grateful to both administrative bodies for this.'

'Continental and Hanover belong together in the future as well. The city's administrative body was able to offer Continental the best possible location during a highly professional selection process. We will provide professional support in terms of design and construction for all further steps in the creation of modern Continental headquarters in Hanover with an interdisciplinary project team,' said the mayor of state capital Hanover,Stefan Schostok.

'We made the decision in favor of Hanover after carefully considering all advantages and disadvantages based on important criteria such as costs, transport links, and administrative support. The plots in both places were more or less on a par in this regard,' said Degenhart. He stated that it was the greater degree of planning security in Hanover that ultimately proved decisive.

This alternative is now to be substantiated by means of further negotiations. The important issues for this were initially laid down in writing by Continental and the city in a memorandum of understanding between both parties. In keeping with this, the transport links, the provision of support in conducting an architectural competition, the creation of an innovative structure over the road to connect the two plots, a binding schedule, and the concrete project execution are just some of the issues that will be the subject of the up-and-coming discussions.

Both parties hope to conclude the negotiations by the end of the year. The transfer of ownership is planned for the first quarter of 2017, and the move to the new headquarters is to be completed in 2020. The technology company is expecting its capital expenditure for the complete project (plot, building, interior design, etc.) to reach into the high double-digit million euro range.