Major resi tower project in Frankfurt comes to market

Deutsche Telekom has appointed Corpus Sireo and Savills to market the major Drei Schwestern residential development in Frankfurt.

The site, which covers 5,800 m2, is part of the former main Post Office grounds, situated directly adjacent to the My Zeil shopping mall. The project comprises three towers covering a total of 52,000 m2 of gross space over 170 residential units. It will also include some office and retail space.

Corpus Sireo said it is now beginning the sales process through a structured bidding procedure. 'The aim is to sell the project to an investor in the course of the year,' it added.

Earlier this week Corpus Sireo, which is part of Swiss Life, handled the acquisition of a residential property comprising 222 units in Oyten near Bremen in Northern Germany. Corpus Sireo, which bought the building for its parent company, will also take over all asset management responsibilities for the asset.

Financial details were not disclosed.

The residential complex comprises three to four storey buildings with a total rental area of 14,000 m2.
The letting ratio is 97%.