02-2020The FBW Group purchases a high-rise project at the “KURECK” in Wiesbaden

FBW Projektbau GmbH, the project development company of the FBW Group based in Dreieich, Germany, has purchased the majority of the residential area of the “KURECK” project in Wiesbaden. In a central inner-city location in the capital of the German federal state of Hesse, the project envisages the construction of a tower block with around 85 units and nine buildings containing around 70 units.

The vendor is the Heidelberg-based real estate company IFM Immobilien AG, which will execute the residential project in a joint venture with the FBW Group. On the buy side, the transaction was handled and accompanied by Maximilian Seil, Managing Director of Paul & Partner Real Estate. The person responsible for the transaction on the vendor side was Thomas Schulze Wischeler, the Director of NORSK Deutschland AG, which handled the project management on behalf of IFM Immobilien AG. The parties have agreed not to disclose the purchase price.

The company BF.direkt AG provided advice on the selection of the bank to finance the transaction. Development financing for the entire project has been provided by the Oldenburgische Landesbank state bank. Planning permission for the high-rise building has already been granted. The construction of a new office building used by the Hessian Ministry for Social Affairs and Integration and the “Wiesbadener Palais”, an office and commercial building, has already been completed on the site of the project. Work on the Hotel Adina Kureck also recently commenced.

According to Pietro-Fabrizio Floresta, the Managing Director of the FBW Group, the group is “currently constructing the residential tower block in the Sommerhoffpark in Frankfurt”. With the block of flats in Wiesbaden, the FBW Group is therefore already executing its second challenging high-rise project in the Rhine-Main region. “As the city’s only residential high-rise building, the KURECK will characterize urban development in Wiesbaden for many years to come”, states Floresta.

The FBW Group is committed to providing distinctive residential properties in which people feel right at home. Its project developments mainly focus on multiple dwelling units and larger housing complexes in upmarket residential areas. The group’s core business area covers services in the fields of planning, construction and sales.