KanAm Grund Group's German Development Fund and pantera AG have joined forces to build more than 200 serviced apartments in the centre of Frankfurt am Main, Germany. Planning is already underway for a building in Gutleutstrasse with a gross floor area of 13,490m², including 90 underground car parking spaces. The property aims to serve the growing demand for visitor accommodation for those who spend several weeks or months in the German metropolis. The investment volume for the apartments, which will be offered under the MYHATTAN brand, is over €60m. With planning permission already granted, construction is set to start later this year and expected to be completed in 2021.
Under the framework of the cooperation, the German Development Fund will finance the property purchase and provide the required equity and mezzanine capital. The conceptual design and management of the technical and planning aspects of the project will be in the hands of pantera AG. KanAm Grund Real Estate Asset Management will act as an investment advisor. The aim is to sell the property to institutional investors once the conceptual design is completed.
Tourism in Frankfurt am Main has increased by 6.3% in 2018, registering the ninth record in overnight stays in succession and breaking the 10 million mark for the first time. Frankfurt has seen a continuous upward trend in both business trips and private city breaks. The increase in overnight stays by international guests was particularly large, rising by a disproportionate 8% to 4.5 million. The Gutleutstrasse location of the property is perfect for both business and private travellers, ideally situated within easy reach of the exhibition ground, which attracts 1.5 million visitors a year, and only 30 minutes from Frankfurt airport.
Long-term guests of serviced apartments not only expect excellent transport connections but also high quality and comfort during their stay. The MYHATTAN project is located only a few minutes from the banks of the river Main, a popular area for walking, running and cycling. The Marina Westhafen, popular for its stylish and top-class restaurants and bars, is also within easy reach. The serviced apartments at Gutleutstrasse will be fully furnished, with kitchenette and workstation, providing comfort and individuality for longer stays.
