The Alpha Real Estate Group, a specialist in residential privatization and property management in southern Germany, is further expanding its product pipeline. As part of an asset deal, the Mannheim-based company has acquired 64 residential units in Offenbach am Main. This is 52 percent of Signal Iduna House in the city center. Engel & Völkers Commercial has advised the acquisition.
"We are delighted that we will be able to offer tenants, investors and self-users attractive condominiums in a central location in Offenbach in the future. The apartments are only ten S-Bahn minutes away from the Frankfurt Zeil and the launch is planned for spring 2018," says Peter Buhrmann, COO of the Alpha Real Estate Group. The residential units in the property that the company did not acquire had already been converted in advance by an institutional investor into condominiums.
The real estate market in Offenbach is developing positively overall. Now that the city has been struggling with economic structural change for many years, it is now increasingly benefiting from strong demand throughout the Rhine-Main region. Experts expect that the residential boom in the city will continue because of the Brexit. According to the municipal appraisal committee for property values, the transactions on the real estate market in Offenbach reached a record level in 2016 with 623.3 million euros.