Heureka Real Estate GmbH (Heureka), Darmstadt, acquired an office building, at Eschersheimer Landstrasse 105-107 in the Frankfurt Westend, from Barings Real Estate. The company plans to convert the seven-floor building, situated close to the Banking District, to an ‘Apartmenthaus’ (apartments for short-term rental). Planning consent has already been granted.
Reed Smith Rechtsanwälte advised Heureka on the transaction. Co-investor of the project development is PRIMUS Vermögensverwaltungs GmbH with its managing director Lars Borghaus.
It is planned to create 77 furnished apartments, having a total residential floor area of 2,349 square metres, with 11 underground parking spaces and 81 cycle stands in the basement. The individual residential units, which will be fitted out to a high standard, will range from 20 to 50 square metres in floor area.
Construction is scheduled to start during 2020. Lars Borghaus has been appointed as managing director of the project company responsible for the conversion works. After completion of the project, it is planned to sell it to an investor.
Robert Waidhaas, managing director of Heureka and also a director of the project management company, comments: “With this latest acquisition, we are enhancing the Frankfurt market by adding a unique residential property in the business apartment segment. Due to its location and facilities, it will attract a demanding tenant clientele looking for temporary accommodation”.
Heureka has a track record of numerous successfully implemented projects in the Rhine-Main region in recent years.