Ashurst advised Aberdeen Standard Investments Deutschland AG (Aberdeen) on the acquisition of two building sites in Frankfurt’s Schönhof district. The building sites were acquired from residential developer Instone Real Estate (Instone) by way of a forward deal on behalf of an Aberdeen real state fund. The parties have agreed not to disclose the purchase price.
On the building sites acquired by Aberdeen, around 24,000 sqm of living space in 314 residential units will be built along with two underground car parks with a total of 194 parking spaces as well as a day care centre. Submission of the building applications is scheduled for the first quarter of 2022. The Schönhof district at the former Siemens site in Bockenheim is one of the largest residential developments in Frankfurt. Instone and Nassauische Heimstätte I Wohnstadt Group will jointly develop until 2026 around 2,000 apartments on 15 building sites. The new quarter will also provide retail and commercial space, five day care centres, a primary school and a park. The project partners are aiming at a high level of architectural diversity and quality as well as sustainable construction.
The Ashurst team was led by partner Dr Liane Muschter. She was assisted by associates Raphaela Schmidt and Susanne Schaad as well as transaction lawyers Isabella Strauß and Dominic Boeschen (all Real Estate). Advice on tax law was provided by partner Dr Anders Kraft and associate Steffen Bellmann. Senior associate Ilka Breuer advised on investment law.