GBI and Fraport team up for Frankfurt serviced apartments

George Sell George Sell Uploaded 02 July 2020

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Germany: A joint venture between Fraport Casa Commercial GmbH and developer GBI is planning a mixed-use property directly at Frankfurt Airport in the Gateway Gardens quarter.

The project will include office space and around 142 SMARTments serviced apartments, which GBI will operate itself. A total of 11,600 square metres of Gross Floor Area (GFA) will be spread across both types of use on Bessie Coleman Strasse. Construction on the 2,584 square metre site will start in spring next year, with completion expected two years later.

"The excellent infrastructure and perfect transport connections make the location interesting for many different investors and users," said Jörg Guderian, managing director of Fraport Casa Commercial GmbH. "In addition to office space, overnight accommodation for companies over several weeks or months is an important aspect of modern infrastructure in such an area. For example, external consultants or project staff could stay overnight in the planned apartments, but also newly recruited employees who have not yet found their own home in the first few weeks after changing jobs. This makes the SMARTments business offer an ideal complement to the Gateway Gardens neighbourhood."

Clemens Jung, member of the GBI Holding AG management board, said: "Our market analysis and company surveys, which were renewed after the beginning of the pandemic, still come to the conclusion that strong demand can be expected at this location in the medium and long term. We are already in the final stages of coordination with end investors. The interest in buying this compelling real estate project has not changed due to the Corona crisis. This shows how much demand there is for SMARTments business in general and the airport location in particular."

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