Zurich acquires "The East" quarter in Frankfurt
Zurich has acquired "The East" quarter in Frankfurt's Ostend district. The seller was the Carlyle Group.
As reported by various German trade media, the Carlyle Group has already sold its project development "The East" to the Zurich Group in mid-September. The quarter is located at Ernst-Achilles-Platz in the Ostend district, close to the new ECB Tower. It consists of five buildings with a total of 52,000 square meters of gross floor area.
"The East" comprises a four-star Innside by Melià hotel with 168 rooms and suites, almost 180 rental apartments, 5,100 sqm of retail and 1,300 sqm of office space, and an underground garage with 360 parking spaces. Carlyle has invested around 100 million euros in the project. It is currently not known how much Zurich paid for the quarter.
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