CA Immo is moving ahead with the development of the Frankfurt Europaviertel quarter, with the sale of a construction site between the newly constructed Skyline Plaza shopping center and the Tower 185 multi-story office block. The plot, some 4,600 m² was sold to two investors, each of whom acquired a partial plot. Proceeds from both sales amount to approximately €27 million. The transactions were effected at above book value.
An Adina apartment hotel some 1,400 m² in size is scheduled to go up on the northern plot. Owned by the Australian Toga Group, Adina Hotels has signed a 15-year lease agreement. The Adina Frankfurt Messe will be the Toga Group's sixth property in Germany. The hotel, which will feature more than 180 studios and apartments in total over some 11,500 m² of space, is scheduled to open in 2016.
The southern plot with an area of around 3,200 m² was acquired by another investor. The development plan allows to build a high-rise building up to 160 meters tall with a gross floor area of approximately 44,000 m² on this plot.
Source: CA Immo