MAB, an European Property Development Company, has in co-operation with Bouwfonds Property Finance, purchased Deutsche Telekom AGÂ's foremost real estate complex in Frankfurt. It involves a site measuring 17,400m2 in the heart of the city, situated between the shopping streets Zeil, Große Eschenheimer Straße and Stiftstraße. Formerly belonging to the German Postal Service, the site will be redeveloped into a multifunctional complex containing shops and recreation facilities, offices and residential space, and an underground garage.
Formerly belonging to the German Postal Service, the site will be redeveloped into a multifunctional complex containing shops and recreation facilities, offices and residential space, and an underground garage.
On 13 February last Sireo Real Estate Asset Management GmbH of Frankfurt (representing the vendor Telekom) and the joint-venture MAB/Bouwfonds of Frankfurt signed the purchase agreement.
Programme
The point of departure for the plans is the urban development plan decided on in the autumn of 2000 by Deutsche Telekom in conjunction with the city of Frankfurt.
This plan entails an overall floor space of 105,000 m2, 40,000 m2 of which is designated for shops, 40,000 m2 for offices 20,000m2 for cafes, restaurants and recreation facilities, and 5,000m2 for residential space and hotels. It also provides for a total of 2,000 parking spaces for cars.
Planning
In the middle of 2002 MAB, in association with the city of Frankfurt, will make a selection of architects from an international list.
Starting in July 2004 the former buildings of Deutsche Bundespost (constructed in the nineteen fifties) will be demolished. Completion of the entire complex is expected as from 2006.
MAB and Bouwfonds Property Finance joint venture
In recent years MAB and Bouwfonds Property Finance have co-operated successfully in the form of a joint venture on a number of projects, such as the Resident in The Hague, the urban heart of Amstelveen (also in the Netherlands) and the Eastern Dock Island in Amsterdam.
In the Frankfurt project too, MAB is to take responsibility for the development, realization and leasing. Bouwfonds Property Finance will finance the operation.
MAB is an independent, integrated real estate enterprise with offices in the Netherlands, Germany, France, England and Belgium. The enterprise, operating at its own expense and risk, is involved in the development, management, buying and selling of real estate. Since its incorporation in 1970 MAB has specialized in the development of extensive spatial planning processes, chiefly in complex inner-city situations.
Bouwfonds Property Finance is an operating company of ABN AMRO Nederlandse Gemeenten N.V. and will finance the Zeil project. This enterprise is actively involved in three sectors of the real estate market, namely development, financing and assetmanagement.
(source: MAB Groep)
