Frankfurt region: Danish investor acquires Kelkheim project from Hochtief
Hochtief Projektentwicklung has sold the new city center now under construction in Kelkheim, near Frankfurt. The buyer is the Danish investor Victoria Properties A/S. The purchasing price is approximately €47mn, Hochtief reported. On a 12,000 sqm lot on Frankenallee, three new buildings for retail, offices, gastronomy, plus apartments for senior citizens and an underground garage with some 320 parking spaces are being developed. The gross floor area amounts to 33,000 sqm, 17,500 sqm of which are lettable area, including the nursing home and assisted living facilities. At this point, Hochtief said, 90% of the lettable area has been signed for; contracts for the remaining space are currently in the final stage of negotiations. Completion is slated for the end of 2008.