Lease agreement signed for apartment complex with 100 rooms in prime location
The acquisition of the property from a consortium of sellers is carried out by the family office W5 Group
777 Capital Partners takes over asset management of the project
Berlin, Jan. 13, 2022 - NUMA Group, Germany's leading technology provider in the short-term rental sector and driver of the new asset class Commercial Living, will be the new operator of a new serviced apartment building with 100 rooms and a gross leasable area of almost 6,000 square meters in Frankfurt's prime location. A long-term lease has been agreed with 777 Capital Partners for this purpose. Operation of the property on Eschersheimer Landstrasse will start before the end of the first quarter of 2022. The acquisition of the property, which will be completed at the end of 2021, from a consortium of sellers is being carried out by the family office W5 Group. The parties have agreed not to disclose the purchase price.
Dimitri Chandogin, Managing Director of NUMA Group, explains: "We are very pleased to be able to massively expand our range of high-quality serviced apartments at the Frankfurt am Main location with this lease. The new building, with its state-of-the-art building technology, is ideally suited to incorporate our well-known strengths such as the automation of internal processes and innovative technology concepts as an operator. With our concept, we have already been able to record very high occupancy rates for our properties in a hotel market that is strained due to the pandemic. In 2022, we expect another strong growth year for our business model with increasing travel activity."
Thomas Landschreiber, partner and co-founder of 777 Capital Partners: "With this project, we are expanding our portfolio with a promising apartment complex in an absolutely prime location. The central accessibility, modern facilities and high density of companies in the immediate vicinity make the project an attractive accommodation - both for business trips and for travelers to the Main metropolis."
The 100 apartments operated by NUMA have an average area of around 30 square meters. The building houses a café with an adjoining Pilates studio. The location not far from the Eschenheimer Tor is only a few steps away from the city center and the banking district. First-class shopping streets and the historic old town are also within walking distance. The building is excellently connected to public transportation, including the nearby main train station, with direct connections to Frankfurt Airport.