AXA Investment Managers - Real Assets has announced the acquisition of a 7,100 m2 residential development scheme in Frankfurt’s Gallus district, on behalf of its German residential fund, which is dedicated to professional investors only.
Construction starts in Q2 2016 with full completion expected mid-2018.
'This acquisition provides us with meaningful access to the residential market of one of Germany’s leading and most populated cities, and to the up-and-coming micro-location of Gallus in particular,' commented Matthias Leube, regional head of asset management & transactions at AXA IM - Real Assets in Germany. 'Our ability to execute a city-centre project of this scale and quality demonstrates the expertise of our local team in identifying value accretive development opportunities for the benefit of our clients.'
The purpose-built scheme will provide 96 residential units across three buildings, built on a 2,750 m2 site. The gross rental area of the completed property will be 7,100 m2, 500 m2 of which will be Kindergarten space, and the apartments have an average size of 69 m2 ranging between 35-123 m2. The three seven-storey buildings will also include 98 underground car parking spaces.
Frankfurt, in the Rhein-Main region, is the fifth-largest city in Germany, and is home to one of the largest financial hubs and one of the largest airports, in continental Europe. The property is located between Mainzer Landstraße and Lahnstraße, in an improving inner-city area called Gallus. There are several major development projects either planned or under way in the surrounding area.
The completed property will be finished according to the latest sustainability standards underlining the importance placed by AXA IM - Real Assets on fully integrating sustainability into core development projects. Features to come as standard in each of the apartments will include underfloor heating throughout, parquet flooring in living areas and roller shutters in bedrooms.
