German fund manager KanAm has formed a second joint venture with develop Pantera for its German development fund.
The project is a €60 million serviced apartment complex in Frankfurt.
In December KanAm concluded its first equity closing for the KanAm Grund development fund, which has a target investment volume of €500 million.
In their second joint venture, KanAm and Pantera are planning a building with a gross floor area of 13,490 square metres providing 200 apartments and 90 underground 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 is expected to finish in 2021.
Under the framework of the partnership, the 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 plans to sell the property to institutional investors once the conceptual design is completed.
The first project agreed by the partners is a Stuggart brownfield scheme where 121 micro apartment will be created across new-build and refurbished listed buildings.</p
