CA Immo sells Frankfurt land plot for €27m

Austrian listed property group CA Immo has sold a plot of land situated between the newly-constructed Skyline Plaza shopping centre and the Tower 185 multi-storey office block in Frankfurt's Europaviertel quarter for a total of €27 mln.

The plot, providing a total of 4,600 m2, was sold in two separate transactions to two investors.

The northern lot is set to see the development of an Adina apartment hotel with 180 studios and apartments offering a total of 11,500 m2. The Adina Frankfurt Messe hotel was acquired by Australia's Toga Group and will be operated by Adina Hotels with a 15-year lease agreement. The hotel is scheduled to open in 2016.

The southern plot with an area of around 3,200 m2 will see the development of a high-rise building of up to 160 meters with a gross floor area of 44,000 m2.