AEW Europe acquires 103 FRANKONIA apartments in Andreas Quartier
FRANKONIA Eurobau AG has sold 103 apartments in Andreas Quartier to a special real estate fund set up by AEW Europe investment managers. The apartments will be managed as serviced apartments and are located in the centre of the old section of the building complex in the former district and regional court. The development is located in Düsseldorf's old town, between Königsallee and the Rhine embankment promenade. The law firm Rotthege Aquarius represented the purchaser.
The 102 serviced apartments are located in the central part of the old building in the complex, which is a redevelopment of the former district and regional court in Düsseldorf's old town, between Königsallee and the Rhine embankment promenade. “The serviced apartments complete the full spectrum of services on offer in Andreas Quartier as there is increasing demand from our office tenants for short-term-lettable apartments with hotel services for their employees or expatriates,” explains Uwe Schmitz, CEO of FRANKONIA Eurobau AG, “this is especially true in a location such as Düsseldorf, where many headquarters and regional branches of national and international companies are located,” he added. Frankonia Eurobau AG is developing Andreas Quartier with their project partner LVM Landwirtschaftlicher Versicherungsverein Münster a. G. (agricultural mutual insurance association). The development, which includes high-quality residential and commercial property with a total area of about 18,220 square meters, is still under construction and completion is expected by the middle of 2016.
“With the purchase of the apartments, which will be managed as serviced apartments, AEW Europe, is expanding its field of business,” says Stephan Bönning, Managing Director for Germany and Central Europe. “This gives us access to a market segment that we expect to grow considerably in the coming years and provides good diversification for our customer portfolio,” he continued.
A brief profile of AEW Europe
AEW Europe is one of the leading real estate investment management companies in Europe. It manages around €16.6 billion worth of property assets, has ten offices around Europe and more than 280 employees. The AEW Group manages property assets worth € 44.6 billion worldwide.
A brief profile of Andreas Quarter, Düsseldorf
Andreas Quartier, with a total land area of approximately 18,200 square meters is located in the centre of Düsseldorf between Mühlenstraße, Liefergasse, Ratinger Straße and Neubrückenstraße. It is in close proximity to the Rhine embankment promenade, the financial district and the business and administrative streets Königsallee and Heinrich-Heine-Allee.
The development offers a mix of uses in the future with around 270 high-quality apartments and 102 serviced apartments, impressive office space, restaurant and retail space and an underground car park with 635 spaces. Harmonious outdoor landscaping with a park-like central area completes the building complex. Until a few years ago the District and Regional Court had its headquarters on the site of what is now Andreas Quarter. This includes a listed building complex with several wings, five atriums and an impressive façade with three classical porticos modelled on ancient Greek and Roman temples. On the northwest side, on the site of the former administrative building, new buildings have been erected in the modern architectural vernacular. Completion of the project is scheduled for the middle of 2016.
Contact for inquiries:
FRANKONIA Eurobau AG
Dr. ZitelmannPB. Ltd.
Tel.: +49 (0) 30 726 276 153
Fax: +49 (0) 30 72 62 76 163
Albert Kock, Melanie Brochhaus-Piel
KL Public Affairs, Communication & Consulting
Tel.: +49 (0) 221 7733 204
Fax: +49 (0) 221 7733 112
3 September 2015