German real estate investment manager Warburg-HIH Invest Real Estate will develop Gruner + Jahr's new publishing house in Hamburg's HafenCity for an estimated investment of about €250 million.

The company will develop the project through its HIH Projektentwicklung unit, and will finance the development through a number of institutional investors, it said in a release.

The 66,000-square-meter office complex, which is set to be completed by 2021, will serve as Gruner + Jahr's new headquarters, and the development will also include newly constructed apartments. Warburg will let about 40,000 square meters of office space to Gruner + Jahr.

The parties did not reveal details about the rental agreement.