German fund manager KanAm has unveiled a second joint venture with developer pantera for its German development fund, this time building a €60 mln serviced apartments complex in Frankfurt.
In December, KamAm concluded its first equity closing for the KanAm Grund development fund, its debut property development fund, which has a target investment volume of €500 mln.
In their second joint venture, KanAm and pantera are planning a building with a gross floor area of 13,490 m2 providing some 200 apartments and 90 underground car parking spaces, in Gutleutstrasse near the exhibition ground, central station and Frankfurt's financial district.
Construction on the scheme, which will be branded Myhatten, is set to start later this year and expected to be completed in 2021.
Under the framework of the cooperation, the German development fund will finance the property purchase and provide the required equity and mezzanine capital. The conceptual design and management of the technical and planning aspects of the project will be overseen by pantera.
KanAm Grund will act as investment advisor, and said it planned to sell the property to institutional investors once the conceptual design is completed.
The first project agreed between the German development fund and pantera is a Stuttgart brownfield scheme where 121 micro apartments will be created in a combination of new builds and refurbished listed buildings.