21.03.2019

KanAm Grund German Development Fund and pantera AG launch second joint project

Picture: pantera AGPicture: pantera AG

200 serviced apartments planned in Frankfurt city center - MYHATTAN is being developed as a joint venture at Gutleutstrasse near the exhibition ground, central station and the financial district. - The KanAm Grund German Development Fund is concentrating on Germany - Target investment volume over 500 million euros

Frankfurt, 21/03/2019 – In their second joint venture, KanAm Grund Group's German Development Fund and pantera AG are planning to build more than 200 serviced apartments in the center of Frankfurt am Main. Planning is under way for a building with a gross floor area of 13,490 square meters, including around 90 underground car parking spaces, in Gutleutstrasse near the exhibition ground, central station and the financial district. The property aims to serve the growing demand for visitor accommodation for those who spend several weeks or months in the German metropolis. The investment volume for the apartments, which will be offered under the MYHATTAN brand, is over 60 million euros. With planning permission already granted, construction is set to start later this year and expected to be completed in 2021. This is the second joint venture with the Cologne-based property developer pantera AG. The first project developed jointly by the German Development Fund and pantera AG is a property in the metropolitan area of Stuttgart, namely on the site of a historic bedspring factory in Esslingen, where 121 micro apartments will be created in a combination of new builds and refurbished listed buildings.

The property at Gutleutstrasse in Frankfurt is fully in tune with the increasing demand for visitor accommodation. Tourism in Frankfurt am Main has increased by 6.3 percent in 2018, registering the ninth record in overnight stays in succession and breaking the 10 million mark for the first time. Frankfurt has seen a continuous upward trend in both business trips and private city breaks. The increase in overnight stays by international guest was particularly large, rising by a disproportionate 8 percent to 4.5 million. The Gutleutstrasse location of the property is perfect for both business and private travelers, ideally situated within easy reach of the exhibition ground, which attracts 1.5 million visitors a year, and only 30 minutes from Frankfurt airport.

Long-term guests of serviced apartments not only expect excellent transport connections, but also high quality and comfort during their stay. The MYHATTAN project is located only a few minutes from the banks of the river Main, a popular area for walking, running and cycling. The Marina Westhafen, popular for its stylish and top-class restaurants and bars, is also within easy reach. The serviced apartments at Gutleutstrasse will be fully furnished, with kitchenette and workstation, providing comfort and individuality for longer stays.

Under the framework of the cooperation, the German Development Fund will finance the property purchase and provide the required equity and mezzanine capital. The conceptual design and management of the technical and planning aspects of the project will be in the hands of pantera AG. KanAm Grund Real Estate Asset Management GmbH & Co. KG will act as investment advisor. The aim is to sell the property to institutional investors once the conceptual design is completed.

KanAm Grund Group's German Development Fund, which was only launched last year, invests in joint ventures with well-established project developers for living space, student halls of residence, boarding houses and offices. The fund is managed by Augeo Capital Management SA (former Warburg Invest Luxemburg)  as alternative investment fund manager (AIFM). The target investment volume is set to be over 500 million euros, with an investment horizon of around three years. The existing investors' base comes from the Family Offices area.

About the KanAm Grund Group
The KanAm Grund Group has handled a transaction volume of over 32 billion US dollars since it was established in October 2000. The owner-managed company focuses on the individual needs of German and international investors, with the geographical emphasis being in Europe and the United States.
In order to set it up strategically to face the challenges of the future, the company was reorganized into three business divisions under the umbrella of the KanAm Grund Group: KanAm Grund Kapitalverwaltungsgesellschaft (an open-end real estate fund), KanAm Grund Institutional Kapitalverwaltungsgesellschaft (a special real estate fund) and the new KanAm Grund REAM (international investment & asset management advisory). The aim of this strategic repositioning is the significant growth of the KanAm Grund Group, as an international real estate enterprise which provides real estate investment and asset management services to German private investors, institutional investors and international investors alike, irrespective of the investment vehicles involved.


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