AXA acquires ZBI residential project in Frankfurt assisted by Heuking Kühn Lüer Wojtek
A team led by Dr. Peter Zimmermann, Partner at Heuking Kühn Lüer Wojtek's Düsseldorf office, legally advised AXA Investment Managers Deutschland GmbH comprehensively on the acquisition of 96 housing units for its German residential property fund. The fund is aimed at professional investors.
Erlanger Zentral Boden Immobilien AG (CBI) is the seller. Completion of the planned residential project on the former Holz-Fiedler area in Frankfurt's Gallus quarter is expected for mid-2018.
The complex is to be built on an area of 2,750 square meters and will consist of three buildings, including space for a pre-school. Gross leasing area is 7,100 square meters. 98 underground parking spaces are planned below the three seven-storey buildings. In addition, the buildings meet current sustainability standards. A number of other projects are under construction in the vicinity of the residential project, so that the location is bound to become more attractive.
Most recently, Zimmermann and his team had advised longstanding client AXA on acquiring a planned residential complex in Erfurt.
Counsel to AXA Investment Managers
Heuking Kühn Lüer Wojtek:
Dr. Peter Zimmermann (Contract Negotiations Real Estate and Lead),
Kathrin T. Paulet (both Real Estate Due Diligence and Contract Management),
Dr. Marc P. Scheunemann (Tax Structuring and Due Diligence), all Düsseldorf