Hamburg, October 4, 2018 - The Hamburg-based real estate company Becken has sold its "High Lines" project development in Frankfurt's Stiftstrasse to the project developer and asset manager Rock Capital Group from Grünwald. Around 500 owner-occupied and rental apartments, office and retail space and a daycare center will be built on the approximately 5,900 square meter site in Frankfurt's city centre. Becken will carry out the demolition of the existing buildings on the site by the end of the year. The property was transferred to the Rock Capital Group on October 1, 2018. The parties have agreed not to disclose the purchase price. The real estate consulting firm Jones Lang LaSalle SE was commissioned with the sale.

At Stiftstrasse 23-27, in the immediate vicinity of the Zeil, the construction of an ensemble of four buildings with a total gross floor area of around 54,000 square meters is planned: This includes three residential towers with up to 24 storeys and the revitalization of one of the existing buildings. Stefan Spilker, Managing Director of Becken Holding GmbH, says: "With the sale of our "High Lines" project to the Rock Capital Group, which is also developing the neighboring property at Stiftstrasse 30, we are creating long-term synergies that will primarily benefit future residents in the form of a holistic neighborhood development."

Project developer Becken, which operates throughout Germany, is planning to expand its project pipeline in the greater Frankfurt area by acquiring more land in the coming months. "We are currently looking at several properties in Frankfurt and the surrounding area in order to further expand our local project pipeline," says Spilker. Becken is currently developing two commercial properties in Wiesbaden and Offenbach.