Investment Date
Q1 2016
Exit Date
Q2 2020
(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
- Final building permit has been submitted for 129 luxury apartments and a branded 5 star hotel
- Pre-development works are ongoing
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