Noerr assists Instone on the sale of one of the largest new urban quarters in Frankfurt
Noerr has assisted Instone Real Estate on the sale of the Frankfurt Kleyerquartier to a specialist real estate fund managed by the Bavarian state pension fund body BVK (Bayerische Versorgungskammer).
With Noerr’s help, the residential developer Instone Real Estate has sold the project developments for one of the largest new urban quarters in Frankfurt am Main as part of a forward funding arrangement before construction has even begun. Instone is to put in place more than 1,200 residential units, three nurseries and areas for food retailers on a 51,000 m² site at Kleyerstraße (formerly the “Avaya” site). The planned residential space is estimated at around 93,000 m² and around 30 per cent of the units are intended to be publically funded housing developments. Construction will probably start in 2020, with the scheduled completion date in 2024. More than 3,000 people will live in the new district once it is completed.
The team led by Frankfurt-based Noerr partner Alexander Jänecke previously advised Instone on its acquisition of the site. Noerr provided wide-ranging legal and tax advice both on the present sale and previously during the acquisition. Noerr also provided real estate developer Instone with extensive tax advice on its IPO and its cross-border change in legal form from a Dutch public limited company (NV) into a German public limited company (AG) last year.
Advisors to Instone Real Estate: Noerr LLP
Dr Alexander Jänecke (Lead/Real Estate Investment Group), Dr Holger Alfes (Capital Markets), Dr Fabian Badtke (Antitrust & Competition), Dr Thorsten Becker (Corporate/M&A), Dr Carsten Heinz (Tax & Private Clients), Dr Dominik Kloka (Capital Markets, all Frankfurt), Dr Florian-Felix Marquardt (Tax & Private Clients), Dominik Rompza (Private Equity, both Berlin), Frithjof Terberger, Franziska Zahoransky (both Real Estate Investment Group, Frankfurt)