DLA Piper advises PROJECT Real Estate Assets on sale of a Frankfurt residential complex

DLA Piper has advised PROJECT Real Estate Assets GmbH on the sale of the residential complex Frankenallee 98-102 in Frankfurt's Gallus quarter to Magna Asset Management. The sales volume amounts to approximately EUR 45 million.

The new building project comprises 104 apartments with a living space of 6,128 m² and 62 underground parking spaces. Construction of the KfW 55 efficiency house is to begin shortly, with completion scheduled for early 2023. It will then be transferred to the special AIF Magna Wohnen 01, which is managed by Magna Asset Management and administered by Hansainvest Hanseatische Investment-GmbH.

PROJECT Real Estate Assets GmbH is one of the largest project developers in Germany and implements sustainable living concepts in Berlin, Hamburg, Munich, Nuremberg, Düsseldorf, Frankfurt and Vienna, among others. Currently, more than 120 properties with a project volume of 3.2 billion euros are in planning and construction.

The DLA Piper Real Estate team was led by partner Christian Lonquich, who was assisted by associates Sascha Ryssok and Tobias Bergner. Partner Dr Marie-Theres Rämer and associate Eda Altintas (all Frankfurt) advised on the tax aspects of the transaction.