German property firm Corestate has acquired the Fünf-Häuser-Quartier project known as "Neue Mitte" in the centre of the Dreieich district of Sprendlingen near Frankfurt for around EUR43 million.
The seller and project developer is Schoofs Immobilien GmbH Frankfurt.
The purchase was made for the Stadtquartiere I open-ended institutional fund, which was launched at the beginning of 2021 with a focus on urban development properties in the centres of German medium-sized and large cities. The target volume of the fund is EUR500 million.
The quarter meets the KfW Efficiency House 55 standard and comprises around 8,200 m2 of residential and commercial rental space with a good mix of 53 flats, local supply areas, offices, practices and restaurants. Sparkasse Langen-Seligenstadt, Rossmann and denn's Biomarkt have already been confirmed as anchor tenants, the gastronomy areas are about to be let and demand for the flats is high.
Completion is expected in the spring of 2022.
Blank Real Estate facilitated the transaction.
Source: propertyeu.info on the 2nd of February
(https://propertyeu.info/Nieuws/Corestate-snaps-up-43m-office-project-near-Frankfurt/00d64823-fece-4a57-a1c8-c92797d345dd)