Frankfurt am Main/Essen, 7 October 2019. On the former Avaya site on Kleyerstrasse in Frankfurt's Gallus district, residential property developer Instone Real Estate will build one of the biggest new urban neighbourhoods, the so-called Kleyer quarter with more than 1,200 new apartments, including around 400 publicly subsidized units. The project was already acquired prior to construction start by the real estate group aamundo and Universal-Investment for the special real estate fund of Bayerische Versorgungskammer (BVK). The purchase was made as forward funding transaction. The seller is residential property developer Instone Real Estate, who will develop the site.
Andreas Gräf, COO of Instone Real Estate, says: "Instone Real Estate and Bayerische Versorgungskammer are already collaborating successfully on residential development projects in Bonn and Stuttgart. We are taking this quality cooperation to a new level now in Frankfurt. With strong partners such as aamundo and Universal-Investment and in line with the City of Frankfurt's objectives, we will be able to build a mixed-use quarter that meets the highest standards of modern coexistence and provides housing for numerous stakeholder groups in a location that's oriented toward the future. At the same time, we are continuing Instone Real Estate's course of growth as a developer of large urban quarters."
More than 1,200 residential units, a full-range supplier and three daycare centres are to be built on the 51,000 square-metre site. The projected total floor area is approximately 93,000 square metres. About 30 percent of the units are planned as publicly subsidized housing.
The neighbourhood development consists of a total of four residential blocks with interior courtyards as well as two additional building blocks. The existing office building will be demolished. In addition to the ongoing management of the quarter's development throughout the construction period, aamundo will also take over asset management upon completion. Beginning of construction is expected in 2020, with completion scheduled for 2024. More than 3,000 people are expected to move in to the quarter over the next five years.
"The development project on the former Avaya site is in precise alignment with aamundo's business strategy: "We actively handle the acquisition and will develop and take over asset management – and generate added value for our investors," says Michael Schleich, member of the Management Board.
The former industrial site at Kleyerstrasse 94 was the headquarters of the US-American communications company Avaya, which left the location in 2013. The site is situated on the southwestern edge of Frankfurt's Gallus district, which has developed into an attractive business and residential quarter in recent years. The development of the quarter, which has just begun, will have a lasting impact on the quickly growing Gallus district.
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