Instone Real Estate Group SE
Instone Real Estate: successful sale of Niederkasseler Lohweg project in Düsseldorf to Wohnbau GmbH
Instone Real Estate: successful sale of Niederkasseler Lohweg project in Düsseldorf to Wohnbau GmbH – Neighbourhood with 221 apartments for a wide range of users (publicly subsidized, price-reduced and privately financed housing) and a daycare centre – Start of construction planned for 2020 – Second successful cooperative venture between Instone and Wohnbau GmbH Essen/Düsseldorf, 30 September 2019: Residential developer Instone Real Estate and Bonn-based Wohnbau GmbH are now continuing their successful cooperation also in Düsseldorf. Even ahead of the start of construction, Wohnbau GmbH has purchased the 221 residential units with a total floor area of around 16,500 square metres, which Instone will build in a central Düsseldorf location at Niederkasseler Lohweg 20. In the direct vicinity of the business quarter “Am Seestern”, which was a large office premises planned in the 1960s as an overspill area for the city centre, the previous mono-structures will be broken up by the new residential project and the redevelopment of the urban area enhanced by the lively and functionally mixed quarter. The urban development structure will also be characterised by the 19-floor residential tower as a landmark of the new urban quarter. The project consists of publicly subsidized, price-reduced and privately financed rental apartments, a green neighbourhood square and a daycare centre for two groups. The offer is rounded off by 151 underground parking spaces. Jens Bräutigam, managing director of Wohnbau GmbH: “After the successful cooperation on the “Schumanns Höhe” project in Bonn, we are pleased to extend our joint commitment to the Düsseldorf location. The project in Düsseldorf-Lörick is a highly successful neighbourhood development and an excellent complement to our projects under construction in the Heerdt and Düsseltal districts. We are currently building a total of 565 apartments and two daycare centres in the state capital with an investment volume of EUR 210 million. This represents a noticeable share of our company’s new nationwide construction programme to supplement Wohnbau GmbH’s rental housing portfolio.” Andreas Gräf, COO of Instone Real Estate: “Together with politics, administration and civil engagement we strive for the development of new neighbourhoods. This brings into focus many areas which previously haven’t been considered for residency in the classical sense, such as the new and diverse living quarter in the Niederkasseler Lohweg, built with families, singles, and senior citizens in mind.” Instone and Wohnbau GmbH are already cooperating successfully on the multi-generational project “Schumanns Höhe” in Bonn, which is currently under construction. The parties have agreed not to disclose the purchase price of the “Niederkasseler Lohweg 20” project.
About Instone Real Estate (IRE) Instone Real Estate is one of Germany’s leading residential developers and is listed in the SDAX. The company develops attractive residential and multi-family buildings as well as publicly subsidized housing, designs modern urban quarters and refurbishes listed buildings for residential use. Buyers are mainly owner-occupiers, private investors with the intention of letting and institutional investors. In 28 years, Instone Real Estate has successfully developed more than one million square metres. Around 330 employees work at eight locations nationwide. As of 30 June 2019, Instone Real Estate’s project portfolio comprised 47 development projects with an expected total sales volume of roughly EUR 5.1 billion and more than 11,500 units.
End of Media Release Issuer: Instone Real Estate Group AG Key word(s): Real estate
30.09.2019 Dissemination of a Press Release, transmitted by DGAP – a service of EQS Group AG. |
Language: | English |
Company: | Instone Real Estate Group AG |
Grugaplatz 2-4 | |
45131 Essen | |
Germany | |
Phone: | +49 201 453 550 |
E-mail: | ir@instone.de |
Internet: | www.instone.de |
ISIN: | DE000A2NBX80 |
WKN: | A2NBX8 |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange |
EQS News ID: | 881931 |
End of News | DGAP Media |