AXA Investment Managers Real Assets has acquired a 7,100 sqm residential development scheme in Frankfurt’s Gallus district, on behalf of its German residential fund. The scheme will provide 96 residential units across three buildings on a a 2,750 sqm site. The gross area of the completed property will be 7,100 sqm, with 500 sqm of space set aside for use as a kindergarten. The three seven-storey buildings will also include 98 underground car parking spaces. Construction is planned to start in second quarter of 2016 with full completion expected in mid-2018.
