pbb has provided Instone Real Estate c.€140m for the purchase of the development plot in Frankfurt's "Gallusviertel" area. The project provides for approximately 1,200 residential units – with aggregate floor space of around 93,000m². The scheme will also feature a full-range food retailer and three daycare facilities for children. About one-third of the units are planned for construction under public subsidies. The work is scheduled to start in 2020.
Gerhard Meitinger, pbb's Head of Real Estate Finance Germany, commented: "We are delighted to support Instone as a financing partner for this exciting project, which develops urgently-needed residential space in Frankfurt, with a balanced future tenant mix and affordable rents. Residents will benefit from the advantages of an attractive, contemporary development, with newly-built housing in a well-established quarter and in a central Frankfurt location."
Dr Foruhar Madjlessi, CFO of Instone Real Estate, said: "Leveraging our long-standing expertise in the overall development of large city quarters, we will be transforming what used to be an expanse of offices into a new, mixed-use residential environment. We strongly appreciate having pbb at our side as a reliable financing partner for this key city quarter development."