CORESTATE Capital Holding S.A. has acquired the "Fünf-Häuser-Quartier" project known as "Neue Mitte" in the centre of the Dreieich district of Sprendlingen (near Frankfurt) for its open-ended special AIF "Stadtquartiere I" for around EUR 43 million. The institutional fund, which was launched at the beginning of 2021, invests in urban development-relevant properties in the centres of German medium-sized and large cities that enhance the quality of the respective location. The target volume of the fund is approximately EUR 500 million.

Corestate is responsible for investment and asset management, with its subsidiary Hannover Leasing acting as in-house KVG. The seller and project developer is Schoofs Immobilien GmbH Frankfurt. The quarter meets the KfW Efficiency House 55 standard and comprises around 8,200 m2 of residential and commercial rental space with a good mix of 53 flats, local supply areas, offices, practices and restaurants.

Sparkasse Langen-Seligenstadt, Rossmann and denn's Biomarkt have already been confirmed as anchor tenants, the gastronomy areas are about to be let and demand for the flats is high. Completion is expected in the spring of 2022.