Investment Date
Q1 2016
Exit Date
Q2 2021
(Projected)
Asset type
Luxury residential and hotel
Revcap strategy
Pre-let development
Revcap Fund
KHCP III
Investment Type
Joint Venture Equity
Background and Opportunity
- Purchase of 33,200m² vacant office property in the prime residential neighbourhood of Frankfurt that was owned by an institution in wind down mode
- Revcap used the extended time secured between securing the asset and completion to obtain a zoning change of use from office to residential and hotel
- Business plan is to convert the larger tower to luxury residential and the smaller tower to a 5 star hotel
Transaction Progress
- Revcap has teamed up with RFR and Hines to co-develop the project
Current Status
- Currently on site developing 129 luxury apartments and a branded 5 star hotel
- Substantial residential pre-sales at levels materially above underwriting have been achieved
- Lease signed on hotel component with boutique German hotel operator
Back to Joint Venture Equity
