Schönhof Quarter in Frankfurt: Nassauische Heimstätte purchases additional turnkey apartments from Instone

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Contract signed for the acquisition of around 210 apartments, a student hostel and a day care centre /// High proportion of subsidised housing

Frankfurt am Main/Essen, 30 October 2019: It is the next step in the development of Schönhof Quarter in Frankfurt-Bockenheim: Nassauische Heimstätte | Wohnstadt (NHW) has acquired two building plots from its project partner, the publicly listed residential developer Instone Real Estate. The contract for the turnkey purchase was signed by representatives from both companies in Munich at EXPO REAL, the world’s largest real estate fair. The project, which involves the construction of around 210 apartments, a student hostel with about 175 rooms, and a four- to five-group day care centre on a gross floor area of about 26,500 square meters, will be realised on the southeastern edge of the development. The parties have agreed not to disclose the purchase price of the transaction.

Proportion of subsidised housing at 60 to 65 percent

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
c/o RUECKERCONSULT GmbH
Michael Lippitsch
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D-10179 Berlin
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Nassauische Heimstätte Wohnungs- und Entwicklungsgesellschaft mbH 
Jens Duffner (Press Officer)
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D-60596 Frankfurt am Main
Tel.: +49 (0)69 6069-1321
Fax: +49 (0)69 6069-5-1321
www.naheimst.de
E-mail: jens.duffnernaheimst "«@&.de