German pension fund giant Bayerische Versorgungskammer has acquired 250 apartments from Germany's Instone Real Estate in Frankfurt on a turnkey basis.
Financial details were not disclosed.
Covering some 18,500 m2 of rentable space, the residential units are being constructed in Frankfurt's Schoenhof Quarter, as part of a project dubbed 'Core Living', due for completion in 2023.
Instone's development on the site focuses on housing, two supermarkets, a daycare centre as well as offices and retail space.
The owner will be Bayerische Aerzteversorgung, which is held by BVK.
Christoph Geirhos, head of real estate investment at BVK said: '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.' In 2018, BVK purchased around 500 apartments from Instone in a direct investment deal.
Added 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.'
Instone and Nassauische Heimstaette will cooperate in realising 2,000 residential units on 15 construction sites in total by 2024 in the Schoenhof Quarter, currently one of the largest residential development projects in Frankfurt.
Instone was advised by the law firm Noerr (Legal & Taxes) and Jones Lang LaSalle (Commercial).
