ABG Frankfurt Holding has announced the acquisition of the 16.5-hectare Campus Bockenheim development site in Frankfurt from the State of Hessen for a price of around EUR 90 mln. The purchase follows the signing of a preliminary agreement to buy the asset in March this year.

'We have set the stage for Frankfurt's central development project of the next decade,' said Mayor Petra Roth during a press briefing on last week.

The project is expected to comprise a urban mix of residential units, cultural facilities including the University of Music and a number of services. Housing will represent around 40% of the total space. Development work is expected to begin by the end of 2012.