Kingstone RE completes residential deal in Frankfurt

Kingstone Real Estate (Kingstone RE) has acquired a newly built residential property in Frankfurt am Main.

Kleyerstrasse, Frankfurt - Swiss Life Asset Managers

The property, purchased for its special real estate fund, Kingstone Bezahlbares Wohnen Deutschland (Kingstone Affordable Housing Germany), features 96 residential units, a daycare centre, and two small retail and two small office units.

All 96 residential units are subsidised. Located on Kleyerstrasse in Frankfurt's Gallusviertel district, the property is part of Swiss Life Asset Managers' larger Kleyers neighbourhood development, which includes 11 buildings and 398 residential units in total.

This investment is backed by development loans and grants from the City of Frankfurt and the Hessian promotional bank, WI-Bank. The property, which was only on the market for a few weeks, is already almost fully leased. The property is located in a prime location in the Gallusviertel and offers excellent accessibility.

Tim Schomberg, CEO of Kingstone RE, commented: “The investment activity of our first subsidised housing fund is progressing rapidly. The Frankfurt transaction is our fourth acquisition for the fund, following assets in Mannheim, Fürth, and Weil am Rhein. Preparations are currently underway for additional acquisitions and launching a second fund.”

Colliers served as the broker for this deal, with Heussen Rechtsanwaltsgesellschaft providing legal and tax guidance. Case Real Estate conducted the technical due diligence, Arcadis Germany handled the environmental due diligence, and iib Consult performed the market analysis.