Hochtief Projektentwicklung has sold its residential and commercial property project 'Am Europagarten' in Europaviertel West to ABG Frankfurt holding. ABG bought the 20,000-m2 project for EUR 47 mln.

'Am Europagarten' forms part of the Europaviertel in Frankfurt.

Hochtief Projektentwicklung has already agreed a long-term lease with grocery chain REWE for just under 3,000 m2 of retail space on the ground floor. Construction is due to start in summer 2011. The grocery supermarket will move in at the end of 2012, while the apartments should be ready for their new tenants by early 2013.

The property, which has up to seven floors, is being laid out on a comb-shaped floor plan: The main element faces onto Boulevard West. The other side will overlook the future Pariser Strasse and will have three landscaped inner courtyards. In the four to six upper levels, there will be a gross floor area of almost 16,000 m2, built to passive house standard. In addition, the project foresees an underground garage with 225 car parking slots.