German student accommodation specialist Youniq said on Monday it has acquired a 5,330 m[sup]2[/sup] metre plot of land in Frankfurt’s Riedberg district where it plans invest EUR 19 mln to develop 230 student apartments.

German student accommodation specialist Youniq said on Monday it has acquired a 5,330 m2 metre plot of land in Frankfurt’s Riedberg district where it plans invest EUR 19 mln to develop 230 student apartments.

The plot is located on Max-Born-Strasse and was sold by Hessen Agentur and project developer Gross & Partner for an undisclosed sum. Construction is scheduled to start in the first quarter of 2011, with completion expected by winter 2012.

‘A new city quarter is being created in Frankfurt-Riedberg that will offer excellent public transportation connectivity to downtown Frankfurt,’ said Rainer Nonnengässer, CEO of Youniq. ‘As the natural science departments of Frankfurt University are centred in Riedberg, the district is developing into a new campus location that will be the academic home to about 6,500 students. The idea underlying the first Youniq property in Frankfurt is to meet the demand for student accommodation that this development is bound to generate,’ Nonnengässer added.