A subsidiary of Frankfurter Volksbank, Germany's second largest co-operative bank, has acquired the “VOLTAPARK” development in Frankfurt's Bockenheim district via a forward deal.
A subsidiary of Frankfurter Volksbank, Germany's second largest co-operative bank, has acquired the “VOLTAPARK” development in Frankfurt's Bockenheim district via a forward deal.
The construction project consists of revitalising the existing listed building stock of Bockenheim’s former electric power station as well as two new-build residential complexes. The development will provide a total gross floor area of approximately 6,700 sq m, comprising an REWE full-range supermarket, office space and 34 high-quality, loft-style residential units. The 4,600 sq m site will also include a public park. Karl Dudler Architekten was instructed as architect. Letting of the apartments will commence in summer 2019.
The vendor has instructed BFL Investment on the entire development as general contractor for the construction project and to manage the sale process.
Andrzej Roszczyk, Technical Director of BFL Investment, describes the VOLTAPARK project “as an architectural evolution of the historic power station that complements the fabric and proportions of the existing property. The result will be a consistent overall image that simultaneously showcases the different eras.”
“From the outset, the VOLTAPARK project was intended not only to create an architectural landmark but also to add value to the district via both the mix of uses, particularly local amenities, and the public park,” adds Christian Schier, Commercial Director of BFL Investment.
“In the ‘VOLTAPARK’, we will be taking on a fascinating property in an attractive city-centre location in Frankfurt where, as with the ‘Rebstöckhöfe’ and ‘PATIO/Verde’ properties that we acquired in recent years, we hope to create exclusive rental housing in the heart of Frankfurt,” says Eva Wunsch-Weber, CEO of Frankfurter Volksbank, whose subsidiary has acquired the property.
BFL Investment was advised throughout the transaction process by global real estate services provider Savills, with Kanzlei HauckSchuchardt Partnerschaft von Steuerberatern und Rechtsanwälten mbB providing legal support. The vendor was advised by BEITEN BURKHARDT Rechtsanwaltsgesellschaft mbH.