The investment manager KINGSTONE Real Estate (KINGSTONE RE) has acquired a new-build residential property in Frankfurt am Main for its open-ended real estate special fund ‘KINGSTONE Affordable Living Germany’. The property comprises 96 residential units, a daycare centre, two smaller retail spaces and two smaller office units. The project was completed last year.
All 96 residential units are publicly subsidized apartments. The property is located on Kleyerstrasse in the Gallusviertel and is part of Swiss Life Asset Managers’ “Kleyers” district development – consisting of a total of 11 buildings with 398 residential units.
The investment in Frankfurt is linked to development loans and grants from the City of Frankfurt and the Hessian development bank WI-Bank. The apartments have been offered on the market for a few weeks and the property has recently been almost fully let. The state of Hesse and the city of Frankfurt am Main are characterized by good funding conditions. In addition, the attractiveness of the property is due to its central location in Frankfurt’s Gallusviertel and its excellent transport connections.
Dr. Tim Schomberg, CEO of KINGSTONE Real Estate, comments: “The investment activity of our first subsidized housing fund is progressing rapidly. After the properties in Mannheim, Fürth and Weil am Rhein, the Frankfurt transaction is already the fourth purchase for the fund. Further acquisitions and a second fund launch are in preparation.”
Colliers acted as broker for the transaction, legal and tax advice was provided by Heussen Rechtsanwaltsgesellschaft, technical due diligence was handled by Case Real Estate, environmental due diligence by Arcadis Germany and market analysis by iib Consult.
