Spectacular hotel and residential tower in best location: Commerz Real invests in construction project in Frankfurt for open-ended real estate fund hausInvest

One of the most spectacular new construction projects in the Rhine-Main region has been acquired by Commerz Real for its open-ended real estate fund hausInvest in the very heart of Frankfurt am Main. The contractual parties have agreed to maintain confidentiality with regard to the purchase price. The property is to be constructed on the 4,000-square-metre plot of land covered by the former AfE area at Senckenberganlage 15. The idea to build a 140-metre-high hotel and residential tower with a total floor area of 49,700 square metres was developed together with Groß & Partner. The Spanish hotel group Meliá has concluded a long-term lease agreement for a 4-star hotel on the lower storeys up to the 15^th floor. As many as 300 apartments with an outstanding panoramic view over Frankfurt, the Taunus hills and the remainder of the Rhine-Main region are to occupy floors 16 to 40.

“With this transaction we are continuing to pursue our strategy of securing attractive assets for the fund in good time by getting involved at a very early stage and thus participating in the resulting value creation at a considerably earlier point in time. At the same time we are expanding our investment volume in the urban living segment – as demonstrated most recently with the commitment to the Burstah Ensemble in Hamburg,” explains Dr. Andreas Muschter, Chief Executive Officer of Commerz Real AG. “Moreover, with this landmark property we are pleased to be able to once again complete an investment in Frankfurt that is – quite literally – outstanding.”

Until February 2014 the construction land was the site of the 112-meter-high AfE tower, which was part of Frankfurt’s Goethe University. The area is now being developed into the Culture Campus; the south-eastern section – in the immediate vicinity of the trade fair grounds, the Goethe University, the Senckenberg Museum and the city’s West End – is to accommodate the tower. The building will be erected in cooperation with the initiator of the project, Groß & Partner Grundstücksentwicklungsgesellschaft mbH, which is also assuming the project management. Construction of the tower, for which an architectural competition is to start shortly, is to commence in 2016. Completion is scheduled for the beginning of 2019.

“We are investing in a first-class hotel and apartment project for hausInvest that will also cause a sensation outside of Frankfurt. With a height of 140 metres it will be a new feature on Frankfurt’s skyline and allow for a spectacular view across the city,” says Robert Bambach, responsible for real estate transactions on the board of Commerz Real AG. “Above all thanks to its inner-city location and the excellent access to transport links, this hybrid tower with its combination of hotel and residential usage provides a unique selling point. In Groß & Partner we have an experienced and highly professional partner at our side, who shares our high quality aspirations in every respect.”

With the Meliá brand a top-class hotel concept in an urban-modern style is enriching Frankfurt’s hotel sector. In addition to 290 rooms, the hotel offers underground parking, state-of-the-art conference and wellness facilities, as well as a “Sky Bar” on the 15^th floor. The lease agreement has a term of 25 years with an option for a further 5 years.

Following completion the some 300 apartments will rank among the most coveted in the metropolis on the river Main. In addition to a high-class fit-out and a panoramic view closed to further construction, the residents will profit from the inner-city location and the exclusive services offered by the hotel (e.g. in the wellness area). Furthermore, they will have access to some 230 parking spaces in the underground garage.

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