Fundamenta invests in Frankfurt apartment complex
The German subsidiary of the Fundamenta Group has acquired the Bed & Brains apartment complex in northwest Frankfurt for a real estate fund.
The institutional real estate fund FG Wohninvest Deutschland of Fundamenta Group Deutschland has purchased the Bed & Brains development from Signa Urban Living. The approximately 6,700 sqm of total rentable living space is spread across 273 fully furnished one- and two-bedroom apartments. The property also includes 130 underground parking spaces and 300 bicycle parking spaces.
The apartment complex was built in 1992 and modernized in 2016, according to Fundamenta. It is currently fully leased. In the immediate vicinity of Bed & Brains is the Riedberg campus of Frankfurt's Goethe University, which currently has around 4,000 students.
Riedberg is located around 8 km as the crow flies from the center of Frankfurt. According to Fundamenta, the district is expected to grow to around 16,000 inhabitants by next year, with approximately 6,000 residential units as well as around 3,000 workplaces and 8,000 study places. The demand for small apartments for students, young professionals and commuters suggests further potential for value appreciation, says Christian Paul, CEO of Fundamenta Group Germany, commenting on the investment.
The portfolio of FG Wohninvest Deutschland comprises properties worth around 320 million euros. (ah)
