FBW Group acquires a high-rise project on the “KURECK” site in Wiesbaden
FBW PROJEKTBAU GmbH, the project development arm of FBW GROUP, based in Dreieich, has acquired a majority stake in the residential section of the “Kureck” project in Wiesbaden. For the location in central downtown in the Hessen state capital, the plans provide for a residential tower with around 85 units as well as nine blocks with about 70 units. The seller is Heidelberg’s IFM Immobilien AG, which intends to realize the residential project as a joint venture with FBW GROUP. The transaction was anchored on the buyer’s side by Maximilian Seil, Managing Director of Paul & Partner Real Estate, and on the seller’s side by Thomas Schulze Wischeler, Member of the Board of NORSK Deutschland AG, which is handling the project management on behalf of IFM Immobilien AG. The parties agreed to keep the purchase price confidential.
BF.direkt AG acted as the transaction adviser when selecting the financing bank, while development financing for the entire project was provided by Oldenburgische Landesbank. Building approval has already been granted for the high-rise. At the site, a new-build office block (the tenant is the Hessian Ministry for Social Affairs and Integration) and a commercial-and-office building (the Wiesbadener Palais) have both already been commissioned. Work on Hotel Adina Kureck recently commenced.
Managing Director of the FBW GROUP Pietro-Fabrizio Floresta comments that “we are currently erecting a residential high-rise in Frankfurt at Sommerhoffpark.” And with the residential tower in Wiesbaden, the FBW GROUP is thus already realizing its second superlative high-rise project in the Rhine-Main region. “As the city’s only residential tower, the Kureck will emphatically help define the urban fabric in Wiesbaden,” Floresta continued.