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Instone Real Estate Group AG, DE000A2NBX80

Instone Real Estate Group AG, DE000A2NBX80

12.07.2019 - 08:02:29

Instone celebrates laying of the foundation stone for the new urban quarter west.side in Bonn

Instone celebrates laying of the foundation stone for the new urban quarter west.side in Bonn

- Official launch of the "west.side" neighbourhood development with Federal City of Bonn's First Mayor Reinhard Limbach

- Around 550 rental and owner-occupied units for various target groups as well as daycare centre and commercial space

- Completion of the first residential buildings planned for mid-2021

Essen/Bonn, 12 July 2019: In the west end of Bonn, the demolition and development work for the new urban quarter "west.side" has been completed. Developer Instone Real Estate began construction of the 276 rental units several weeks ago. Insurance fund Bayerische Ärzteversorgung, one of the twelve occupational pension schemes under the umbrella of Bayerische Versorgungskammer, acquired this stake in rental housing in May 2018. Yesterday, Thursday, the foundation stone was laid together with the Federal City of Bonn's First Mayor Reinhard Limbach, District Mayor Brigitta Poppe-Reiners and representatives from insurance fund Bayerische Ärzteversorgung.

Reinhard Limbach, first mayor of the city of Bonn, points out: "The new urban quarter west.side is extremely important for the Bonn real estate market and puts the former factory site to a new, future-oriented use. The development of around 550 apartments will help ease the residential market in Bonn."

"With Bayerische Ärzteversorgung, we have obtained an important project partner for the realization of this new urban quarter. The project "west.side" stands out with its multifaceted concept of use and generates considerable added value for the residents and users through its architecture and intelligent layouts," Stefan Dahlmanns, Instone's branch manager for the North Rhine-Westphalia, explains.

Christoph Geirhos, head of real estate investment at Bayerische Versorgungskammer, adds: "Bonn is an attractive investment location for us. Instone's know-how and experience as a developer were essential criteria for our decision. We found the neighbourhood development with its mix of residential and commercial units and a daycare centre convincing."

A total of around 550 apartments will be built on the approximately 60,000 square-metre site. The laying of the foundation stone was celebrated yesterday for 276 apartments. The one- to five-room apartments vary between 45 and 160 square metres. A four-group daycare centre is also planned. The first tenants are scheduled to move in by mid-2021.

At EUR 26,152, purchasing power per resident in Bonn was nearly 12 percent above the average of North Rhine-Westphalia in 2018 (Bonn/Rhine-Sieg Chamber of Commerce and Industry). After Münster (6.3 percent) and Cologne (6.1 percent), at 4.7percent Bonn has the highest level of population growth in North Rhine-Westphalia (source: LEG Housing Market Report 2018).

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.

 

About Bayerische Versorgungskammer

Bayerische Versorgungskammer is the competence and service center for occupational and communal pension schemes and Germany's largest pension scheme group under public law. As a public authority of the Bavarian Ministry of the Interior, it is the joint executive body of twelve liberal professions' and communal pension schemes. Bayerische Versorgungskammer covers about 2.2 million insured persons in total, with contributions of EUR 4.8 billion and EUR 3.4 billion pension payments annually. It currently has EUR 77 billion assets under management and 1,315 employees.

Press Contact

Instone Real Estate c/o RUECKERCONSULT GmbH Anke Reiß Wallstraße 16 10179 Berlin Tel.: +49 (0)30 2844987-61 Fax: +49 (0)30 2844987-99 E-Mail: instone@rueckerconsult.de

Bayerische Versorgungkammer Antje Tetenborg Pressesprecherin und stellv. Leiterin der Unternehmenskommunikation Denninger Straße 37 81925 München Tel.: 089 9235-7062 E-Mail: atetenborg@versorgungskammer.de

End of Media Release Issuer: Instone Real Estate Group AG Key word(s): Real estate

12.07.2019 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.de

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: 840263   End of News DGAP Media

840263  12.07.2019 

@ dgap.de