The Frankfurt project development company Gross & Partner has acquired the property Europaallee 65-67 including the high-rise project development ready for construction from the P+B Group from Sankt Augustin near Bonn. Both sides have agreed not to disclose the purchase price. P+B Group has developed the Porsche Design Tower project in Frankfurt on the property until it was ready for construction. The listed water tower on the neighboring park site will be retained as planned.
For Gross & Partner, the project at Europaallee 65-67 is already the second in the European District. Most recently, Gross & Partner realized the administrative headquarters of the Association of Panel Doctors of Hesse (KVH), which is also located on Europaallee and thus diagonally across from the new project. Gross & Partner is currently building the high-rise The Spin, a hotel and office building with a height of around 128 meters, on Güterplatz in the neighboring Gallus district.
With the acquisition of the project, Gross & Partner is expanding its high-rise project portfolio with an attractive investment in a popular inner city location. Nikolaus Bieber and Jens Hausmann, managing directors at Gross & Partner emphasize “with a view to the successful development of the entire European District, we see great potential for the last piece of land available there directly at the new subway station and across from the future entrance to the southern trade fair entrance”.
Regarding the successful transaction, Gerd Hebebrand, managing partner and CEO of the P+B Group, said: “We have developed the project in recent years with great professionalism and passion until it is ready for construction. Despite the market situation shaped by the current pandemic, we have now succeeded in quickly marketing the project including the property. This proves that we have developed a TOP product in a prime location in the heart of the German metropolis. ”Even after the exit, P+B Group is on a dynamic growth path with many other projects. In the current market situation, P+B Group wants to become more involved in the development of living space for broader target groups. The project developer and property developer has already secured the first development areas for this.