A joint venture by S W Invest Finance Trade project developers from Frankfurt and the multi-family office DERECO from Cologne has acquired two plots of developable land covering a total of approx. 10,100 sqm on the former Penaten premises in Bad Honnef (near Bonn).

According to current plans, the partners intend to develop a modern residential neighbourhood with about 150 rental apartments covering approx. 10,500 sqm of gross floor space. Additionally, some 2,800 sqm of is earmarked for local retail. Some 300 parking spaces are planned to be developed too. The JV intends to apply for a building permit soon, in spring 2017. Construction activities are expected to start in autumn 2017. Completion is scheduled by early 2019.

SWIFT will be in charge of operations whereas DERECO will inject capital. Consultancy services were provided by Heuking Kühn Lüer Wojtek, Hamburg, and IQ Real Estate, Dusseldorf.