Corestate Capital Group has acquired a re-development asset in Frankfurt/Main, Germany, to realise a micro-apartment development project with 80 units. The market value of the project after completion is projected at €35m.
The asset is centrally located in close proximity to the main downtown shopping district, the 'Zeil'. The plan is to deconstruct parts of the existing complex and subsequently refurbish and redevelop the buildings in order to create 80 fully furnished and self-contained units as well as common service areas and retail space.
"This particular micro-apartment project will build on a serviced living concept positioned between the traditional residential and hotel concepts. It combines the fit-out and furniture - and thus comfort - of a residential apartment with the convenience and flexibility of a hotel, broadly similar to our well established student housing concept", commented Thomas Landschreiber, CIO of Corestate.
