Completion of the shell of the WA-7 construction site with 328 flats, including 49 subsidised units
Urban development and social responsibility: contribution to solving the housing problem
Modern mix of uses in the neighbourhood with over 1,300 flats thanks to a variety of housing types, attractive communal and green spaces, three daycare centres and retail outlets
Unique heating concept and conversion of a former industrial site into residential space
Foto: Karolina Krausser
Essen/Frankfurt, 25 April 2024: Construction work on the new FRANKY residential quarter with over 1,300 flats in Frankfurt's Gallus district continues to progress. In the presence of Prof. Dr Marcus Gwechenberger, Frankfurt City Councillor from the Planning and Housing Department, the completion of the shell of construction site WA-7 was celebrated yesterday afternoon. The plans include 328 flats - 49 of which are subsidised - with a living space of around 24,500 m². The sub-project also includes a children's daycare centre, a tegut supermarket and other commercial rental space and is scheduled for completion by 2025.
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Ralf Werner, Managing Director of Instone Real Estate Development GmbH, says: ‘The topping-out ceremony for the 328 flats not only marks a milestone in our construction project, but also an important step in the urban development of Gallus. At a time when affordable housing is an increasing challenge, we are proud to be making a small but important contribution to solving this problem. These flats will not only provide a home for future residents, but will also create communities and improve the quality of life for many people.'
‘We are very pleased that progress is being made and that we can celebrate the topping-out ceremony today. Shopping at tegut... means shopping in a feel-good atmosphere,’ promises Martina Becker, Head of Expansion Centre at tegut..., and adds: ’We are sure that the new supermarket will soon be the first shopping address for local residents when it comes to good food. The extensive range, the design of the store and, last but not least, the relaxed shopping atmosphere will delight our future customers.’
The neighbourhood is being developed by Instone Real Estate, one of Germany's leading residential developers. A total of over 1,300 residential units are being built to the KfW 55 standard. This includes 380 publicly subsidised units, which corresponds to a rate of 30 percent. This project is one of the largest residential construction projects in the Main metropolis. In addition to the flats, the 51,000 m² site includes extensive green spaces, three day-care centres, six children's playgrounds and commercial and retail areas. There are also plans for 1,100 parking spaces, around 20 per cent of which will be equipped with charging facilities for electric vehicles. In 2019, Instone sold the property to a special property fund set up by Universal Investment and owned by Bayerische Versorgungskammer (BVK) as an investor, for which aam2core Holding AG carried out the acquisition. The first construction phase of the neighbourhood is expected to be ready for occupancy from the fourth quarter of this year.
aam2core Holding AG is supporting the project development and will take over asset management and initial letting management once the project is completed. ‘We are extremely proud of how the neighbourhood is taking shape and look forward to the next steps. We are very confident that we will be able to take over the asset management of the first construction phase WA-5 by the turn of the year 2024/2025 at the latest,’ says Michael Schleich, Member of the Executve Board at aam2core Holding AG.
The district has a heating concept that is unique in Germany: up to 80 percent of the total heat requirement is covered by the waste heat from a neighbouring data centre. This saves around 440 tonnes of CO₂ per year compared to conventional heat generation. Another sustainability aspect of ‘FRANKY’: it is being built on a former industrial site, formerly the headquarters of the US communications company Avaya. The site was initially redeveloped as part of the conversion process. This will make it possible to create urgently needed living space on an area that will then be significantly unsealed. Further information on the neighbourhood can be found at https://franky-quartier.de/.
About Instone Real Estate
Instone Real Estate is a subsidiary of the listed Instone Group, making it one of Germany's leading residential property developers. Since 1991, we have been developing future-proof and sustainable urban neighbourhoods with rental and owner-occupied flats throughout Germany - for a good long-term life in Germany's metropolitan regions. Through partnership-based cooperation and open dialogue, we implement forward-looking ideas that meet the diverse needs of our customers. In order to live up to our passion and our commitment to quality, we focus in particular on the local communities that are created, the existing neighbourhoods and the added value that we can create together for everyone. In this way, we realise sustainable values and living spaces that set ecological and social standards and take responsibility for one of the most pressing social issues of our time - the creation of needs-based and liveable living space. www.instone.de
About Bayerischen Versorgungskammer
As the largest public-law pension group in Germany, the Bayerische Versorgungskammer is a service and competence centre for professional and municipal pension schemes. It manages the business of twelve legally independent professional and municipal pension schemes with a total of around 2.6 million insured persons and pension recipients, around €5.7 billion in annual contribution and levy income and around €4.3 billion in annual pension payments. It currently manages a total investment volume of around € 111.9 billion (market value) for all institutions. Bayerische Versorgungskammer employs over 1,520 people and has been a signatory to the Diversity Charter since 2010, a signatory to the UN Principles for Responsible Investment (PRI) since 2011 and a signatory to the Memorandum for Women in Leadership since February 2017. It became a member of the Global Real Estate Sustainability Benchmark (GRESB) in March 2020, joined the Net-Zero Asset Owner Alliance in May 2021 and the ESG Data Convergence Initiative (EDCI) in October 2023. www.versorgungskammer.de
About Universal Investment
The Universal Investment Group is one of Europe's leading fund service platforms and Super ManCos with around 1,051 billion euros in assets under management, over 5,000 fund and investment mandates and around 1,700 employees in Frankfurt am Main, Luxembourg, Dublin, London, Paris, Stockholm and Krakow. Founded in 1968, the company is an independent platform offering fund initiators and institutional investors structuring and administration solutions as well as risk management for securities, property and alternative investments. The company is a signatory to the UN Principles of Responsible Investment and a member of Forum Nachhaltige Geldanlagen e. V. (as of March 2024)
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About aam2core
aam2core Holding AG is an investment manager for residential, office and logistics/light industrial properties for institutional and non-institutional investors. The subsidiary aam2core Service GmbH - BaFin-registered KVG - acquires and manages office properties for (semi-)professional investors in direct mandates and seven special fund solutions. A total of around 80 employees are responsible for investment assets totalling EUR 3.4 billion with an area of 1.675 million m². aam2core invests in Germany and Austria. The head office is in Frankfurt am Main with branches in Berlin, Bad Homburg, Düsseldorf, Grünwald and Leipzig. The Management Board of aam2core Holding AG consists of Stefan de Greiff and Michael Schleich. www.aam2core.com
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Press release from 25.04.2024
published by Sueheda Zock
Marketing Manager
aam2core Holding AG
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