Instone Real Estate has sold about 250 apartments to Bayerische Versorgungskammer (BVK) on a turnkey basis. The construction will be realised on a site named “Core Living” being part of the Schoenhof Quarter. The owner will be Bayerische Aerzteversorgung, which is held by BVK. The parties have agreed not to disclose the purchase price. The completion of “Core Living” is planned for 2023.
The roughly 7,000m² land plot is located in the centre of the “Schoenhof Quarter” and offers potential to accommodate 18,500m² in rentable space. With “Core Living” Instone focuses on the development of living space, on an area of 12,900m². In addition to privately-financed residential units, 20% of the apartments in this construction section are subsidised. Furthermore, two supermarkets will be built on an area of 3,800m² and 650m² might be used as offices. Additionally, a children’s daycare centre with 800m² will be realised.
Ralf Werner, COO Rhine-Main of Instone Real Estate Development, commented: "This transaction is an important milestone for our project. With Bayerische Aerzteversorgung we have a very strong and reliable partner on our side. We expect to hand over this turnkey project to BVK already in 2023."
Christoph Geirhos, head of real estate investment at BVK, said: "These approximately 250 residential units in Frankfurt am Main will be a perfect addition to our portfolio. The strong demand for housing and the location of the Schoenhof Quarter in the very heart of Frankfurt, as well as its well-thought-through concept, convinced us. This is why we secured this part of the highly attractive urban development for us at an early point in time."
Andreas Graef, COO of Instone Real Estate, said: "Frankfurt-Bockenheim is only three kilometres away from the inner city centre. The neighbourhood is located in immediate proximity to the exhibition centre and the banking district. Due to the shortage of land in Frankfurt, it is impossible to realise larger construction projects in the inner city centre. This explains why the demand for homes still exceeds the supply by far."