Oppenhoff advises Schoofs Immobilien on sale of prestige project near Frankfurt

Oppenhoff has advised Schoofs Immobilien GmbH Frankfurt on the sale of the prestigious "Fünf-Häuser-Quartier" project known as “Neue Mitte” in the centre of the Dreieich district of Sprendlingen to the Corestate Capital Group. Corestate acquired the building complex for its open-ended special fund "Stadtquartiere I" for around 43 million euros.

The new quarter consists of five detached townhouses with apartments, two retail spaces and an exclusively renovated half-timbered house. A mix of apartments, retail space, offices, professional practices and restaurants is being built on an area of around 8,200 square meters. The quarter is scheduled for completion in the spring of 2022.

Schoofs Immobilien GmbH Frankfurt, based in Neu-Isenburg, specialises in planning and developing properties for the food retail sector. Its portfolio also includes residential and commercial buildings, quarters, mixed-use properties, specialist stores, and DIY and home improvement stores. Since the late 1980s, the company has developed and constructed approximately 200 supermarkets and commercial buildings.

The open-ended special AIF "Stadtquartiere I" is the first fund of its kind in Germany for institutional investors. Its investment focus is on properties of particular relevance to urban development in the centres of medium-sized and large German cities, which are intended to further enhance the quality of the respective location. The target volume is around 500 million euros. The fund is managed by Hannover Leasing, Corestate’s in-house capital management company.

The Oppenhoff team led by Dr. Gregor Seikel (Corporate/M&A, Real Estate/Taxes) and Dr. Stefanie Minzenmay (Real Estate) included Marvin Rochner (Real Estate), Dr. Gunnar Knorr, Hanjo Prondzinski (both Taxes) and Dr. Günter Seulen (Corporate/M&A).

Oppenhoff most recently advised Schoofs on the sale of the Rastal Center and the sale of six grocery stores. Oppenhoff’s real estate sector group regularly advises leading companies in the hotel, retail and real estate industry, real estate funds, financial investors, family offices and companies with large real estate portfolios as well as other project participants.

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