HOCHTIEF Projektentwicklung sells residential property at Europaviertel West off-plan (DE)

HOCHTIEF Projektentwicklung has sold its planned residential and commercial property 'Am Europagarten' in Europaviertel West to ABG FRANKFURT HOLDING Wohnungsbau- und Beteiligungsgesellschaft (ABG), who have bought the project with a gross floor area of almost 20,000 m² off-plan for €47 million.


Am Europagarten forms part of the Europaviertel in Frankfurt.

Prior to that, HOCHTIEF Projektentwicklung had already agreed a long-term lease with the REWE for just under 3,000 m² of retail space on the ground floor. Construction is due to start in summer 2011. The grocery supermarket will move in at the end of 2012, while the apartments should be ready for their new tenants by early 2013.

The property, which has up to seven floors, is being laid out on a comb-shaped floor plan: The main element faces onto Boulevard West. The other side will overlook the future Pariser Strasse and will have three landscaped inner courtyards. In the four to six upper levels, there will be a gross floor area of almost 16,000 m², built to passive house standard. In addition, the project foresees an underground garage with 225 car parking slots.

"The first house on the plaza will also be the first building with rental apartments in the 'Boulevard West'," is the satisfied comment from Markus Brod, Manager of the HTP Rhine-Main Branch of HOCHTIEF Solutions.

The REWE grocery supermarket, will also contribute towards covering everyday shopping needs in the quarter.

HOCHTIEF Projektentwicklung purchased the 4,700-m² lot only four months ago from aurelis Real Estate. The investor, ABG, a housing and real estate group owned by the City of Frankfurt am Main, intends to manage and let the two to five-room apartments itself.

Source: HOCHTIEF Projektentwicklung

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