Bayerische Versorgungskammer (BVK) is adding 250 apartments to its residential portfolio.
The €77bn German pension investor has bought the Core Living apartments in Frankfurt being developed by Instone Real Estate for an undisclosed sum.
Announcing the deal, Instone said the Core Living project, located in the centre of the Schoenhof Quarter, is expected to complete in 2023.
Instone and Nassauische Heimstaette will cooperate in realising 2,000 residential units on 15 construction sites in total in the Schoenhof Quarter by 2024.
Ralf Werner, COO Rhine-Main of Instone Real Estate Development, said: “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: “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.”