KanAm Grund Group’s German real estate development fund and developer Pantera have agreed a second joint venture to build €60m worth of apartments.
The new partnership under the Myhattan brand will build more than 200 serviced apartments in the centre of Frankfurt am Main.
The building will have a gross floor area of 13,490sqm.
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. KanAm Grund Real Estate Asset Management will act as investment advisor.
The aim is to sell the property to institutional investors once the conceptual design is completed.
The latest partnership follows the first venture in December last year when KanAm and Pantera partnered to build 4,000sqm of micro-apartments in the Esslingen area of Stuttgart worth €30m.
Launched last year, KanAm’s German Development Fund invests in joint ventures with well-established project developers for living space, student halls of residence, boarding houses and offices.