Instone Real Estate Group AG: Instone Real Estate acquires project site EASTSIDE in Hamburg
Instone Real Estate acquires project site EASTSIDE in Hamburg
- The seller is Deutsche Immobilien Entwicklungs GmbH
- Integrated quarter with around 750 apartments near HafenCity
- Mix of privately financed and subsidized apartments, micro-apartments and space for commercial use
- Construction scheduled to begin in summer 2020
Essen/Hamburg, 11 June 2019: Instone Real Estate has acquired the project site EASTSIDE near HafenCity in Hamburg's Rothenburgsort district from Deutsche Immobilien Entwicklungs GmbH. On the two sites totaling 15,700 square metres of space on Billhorner Kanalstraße, an integrated quarter with around 750 residential units, including privately financed and subsidized apartments, micro-apartments as well as space for social uses, is to be created on a total of 45,000 square metres of floor area. Retail and restaurant areas are planned for use on the ground floor.
Kruno Crepulja, CEO of Instone Real Estate, comments: "With this new development project, we are delighted to enhance the surrounding area of Hamburg's HafenCity with a quarter that's attractive and sustainably planned. In addition to the Instone project portfolio's already very strong foundation, this acquisition is part of our strategy to grow in Germany's metropolitan regions with additional attractive real estate. My team's numerous years of experience in the Hamburg market is a critical advantage for this and for future projects."
Instone anticipates a sales volume of around EUR 182 million for the EASTSIDE project. Construction is scheduled to begin in summer of 2020, with completion approximately two years later. With the participation of Urban Future Development, the seller of the site, Deutsche Immobilien Entwicklungs GmbH, held an urban development competition and significantly advanced a current development planning process. The planning architect is Schenk & Waiblinger. The parties to the agreement have agreed to confidentiality concerning the purchase price.
The metropolitan region of Hamburg remains an important location for Instone's project portfolio strategy. Instone is currently developing a project with AMANDA in Hamburg's Eimsbüttel district with 113 condominiums and 52 subsidized student apartments. The acquisition of an approximately 20,000 square-metre site for a residential project in Norderstedt near Hamburg was announced at the beginning of 2019.
About Instone Real Estate (IRE) Instone Real Estate is one of Germany's leading residential developers and is listed in the Prime Standard on the Frankfurt Stock Exchange. 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 and institutional investors. In 28 years, Instone Real Estate has successfully developed more than one million square metres. Around 340 employees work at eight locations nationwide. As of 31 March 2019, Instone Real Estate's project portfolio comprised 45 development projects with an expected total sales volume of roughly EUR 4.8 billion and more than 11,000 units.
Press Contact Instone Real Estate c/o RUECKERCONSULT GmbH Michael Lippitsch Wallstraße 16 10179 Berlin Tel.: +49 (0)30 2844987-47 E-Mail: email@example.com
End of Media Release Issuer: Instone Real Estate Group AG Key word(s): Real estate
11.06.2019 Dissemination of a Press Release, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.deLanguage: English Company: Instone Real Estate Group AG Grugaplatz 2-4 45131 Essen
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