Austrian property company CA Immo has sold a residential and commercial development in Mainz’s Zollhafen quarter to Aberdeen Asset Management for €66 mln.

Austrian property company CA Immo has sold a residential and commercial development in Mainz’s Zollhafen quarter to Aberdeen Asset Management for €66 mln.

CA Immo will build the turnkey property comprising around 18,500 m2 for a special property fund managed by Aberdeen. Completion of the building is scheduled for mid-2018.

The scheme will accommodate 182 apartments, a supermarket as well as a nursery, catering facilities and around 250 parking spaces. The project is part of CA Immo's Zollhafen city quarter development in a joint venture with Stadtwerke Mainz, a public utilities provider.

CA Immo expects to submit the planning application for the building next spring, to allow construction to start in the first quarter of 2016. The Vienna-listed company will also be responsible for renting out the retail space and the nursery. The renting of the flats will be undertaken by Aberdeen.