On the former Avaya site on Kleyerstrasse in Frankfurt’s Gallus district, residential property developer Instone Real Estate will build one of the biggest new urban neighborhoods, the so-called Kleyer quarter, with more than 1,200 new apartments, including around 400 publicly subsidized units.
The project was already acquired prior to construction start by the real estate group aamundo and Universal-Investment for the special real estate fund of Bayerische Versorgungskammer (BVK). The purchase was made as a forward-funding transaction. The seller is residential property developer Instone Real Estate, who will develop the site.
More than 1,200 residential units, a full-range supplier and three daycare centers are to be built on the 51,000-square-meter (549,000-square-foot) site. The projected total floor area is approximately 93,000 square meters (1 million square feet). About 30 percent of the units are planned as publicly subsidized housing.
The neighborhood
