German project developer Gerchgroup has acquired the former police headquarters in Frankfurt from the federal state of Hesse for a price of €212.5 mln.
The new owner plans to invest a total of €800 mln to redevelop the complex into a modern ensemble of buildings with apartments, offices and a hotel, with construction planned to start in 2022.
The 15,000 m2 site is centrally located at the junction of Westend, Bankenviertel and Europaviertel and represents one of the last major development areas in Frankfurt's city centre. The complex is largely vacant, and includes a number of buildings under monument protection.
Completion of the overall project is scheduled for 2026.
'A project in such a prominent location in Frankfurt is naturally a great thing for any developer. We are happy that we were able to prevail against numerous well-known competitors, but we are also aware of the responsibility that such a diverse project brings with it,' commented CEO Mathias Düsterdick.
BNP Paribas Real Estate brokered the sale, which was initiated in the fall of 2017.
'The high number of serious prospects reflects the great interest of national and international investors who want to invest in Frankfurt am Main,' added Oliver Barth, managing director of BNP Paribas Real Estate Germany.
