Schönhof Quarter in Frankfurt: Nassauische Heimstätte purchases additional turnkey apartments from Instone Real Estate
Schönhof Quarter in Frankfurt: Nassauische Heimstätte purchases additional turnkey apartments from Instone Real Estate Dr. Constantin Westphal, managing director in charge of acquisition, project development and real estate management at Nassauische Heimstätte, emphasised the social component: "The high proportion of subsidised housing of 60 to 65 percent at these two sites allows us to create around 130 additional subsidised apartments and increase NHW's overall proportion of subsidised housing at Schönhof Quarter to around 45 percent." Ralf Werner, Head of the Rhine-Main Branch at Instone Real Estate, commented: "The residential construction market in Frankfurt, with its exemplary large-scale projects and mixed-use developments, among which Schönhof Quarter is of special note, is characterised by strong partnerships. Instone and Nassauische Heimstätte have shared the same vision for the former Siemens site from the beginning. We are extremely delighted, as we were during the Da Vinci Garden project in Frankfurt-Rebstock, to be selling turnkey to Nassauische Heimstätte. If everything goes according to plan, we could start building at Schönhof Quarter in 2021." There are plans for the building plots purchased by NHW to also offer short-term student accommodations. NHW is in negotiations with Studentenwerk Frankfurt am Main and other providers in this regard. An operator for the day care centre has not yet been determined. All buildings will be constructed to the KfW 55 energy standard. With this turnkey acquisition, Nassauische Heimstätte strengthens its involvement in Schönhof Quarter in addition to its 50% development activities and increases its commitment from the previous gross floor area of around 113,000 square metres to a gross floor area of approximately 140,000 square metres. Including the short-term student accommodations, this corresponds to about 1,200 to 1,700 residential units. Originally, around 1,000 apartments had been planned. Project partners want high architectural diversity Schönhof Quarter is being built in a location where administrative buildings, production halls, fallow land and parking lots had defined the cityscape for years. Nassauische Heimstätte | Wohnstadt and Instone Real Estate are jointly developing the project on the former Siemens site and the adjoining land purchased in Frankfurt-Bockenheim. In 2018, in coordination with the city of Frankfurt, the two partners prepared the development of the first two building plots with a Europe-wide architectural competition. In June 2019, the architect firms Karl Dudler Architekten from Frankfurt and Planquadrat from Darmstadt were chosen to design the eastern residential development, including the two building plots of the turnkey purchase. Overall, the project partners are striving for a high level of architectural diversity and quality for Schönhof Quarter. The goal is to develop a lively mix of subsidised housing, privately financed rental apartments and owner-occupied flats.
Press Contact Instone Real Estate
End of Media Release Issuer: Instone Real Estate Group AG Key word(s): Real estate
30.10.2019 Dissemination of a Press Release, transmitted by DGAP - a service of EQS Group AG. |
Language: | English |
Company: | Instone Real Estate Group AG |
Grugaplatz 2-4 | |
45131 Essen | |
Germany | |
Phone: | +49 201 453 550 |
E-mail: | [email protected] |
Internet: | www.instone.de |
ISIN: | DE000A2NBX80 |
WKN: | A2NBX8 |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange |
EQS News ID: | 899549 |
End of News | DGAP Media |
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899549 30.10.2019