Instone Real Estate: Construction of the 'City Prag' Project in Stuttgart Begins on Schedule
Instone Real Estate: Construction of the "City Prag" Project in Stuttgart Begins on Schedule
- 250 residential units including 24 rent-controlled flats, an office building on Maybachstrasse and a day nursery of five groups
- All residential units sold to Bavarian Pension Fund BVK
- Completion expected in 2022
Essen/Stuttgart, 29 November 2019: Instone Real Estate, one of Germany's leading residential developers, has now begun the building construction works for the "City Prag - Wohnen im Theaterviertel" project. It involves the development of 250 residential units in an inner-city location with a combined dwelling floor area of around 18,000 square metres, around 2,400 square metres of commercial floor area (office) that may be parceled out in a maximum of eight rental units, and a day nursery of five groups.
The development site is located in Stuttgart's theatre district, directly behind Theaterhaus and Stuttgart Varieté. In addition to the newly constructed buildings, Instone invests in the public infrastructure by creating footpaths and cycle lanes to connect Pragsattel, Theaterhaus and Killesberg-Höhenpark.
Ahead of the start of construction, the supplementary pension scheme for Bavarian municipalities, represented by the Bavarian Pension Fund (BVK) which is the largest public-sector pension group in Germany, acquired the 250 residential units, 24 of which are subject to rent control.
Following the timely completion of the earthworks and excavation work that had commenced in June, the shell works are now under way. The project, which is located in the Pragsattel area of Stuttgart, speaks a clear and modern architectural language. The façades of the residential buildings that overlook the inner courtyards will be glazed, while other façade areas will be clad in an upscale mix of materials. The office building under development along Maybachstrasse will be finished with modern exterior cladding panels that pick up on the colour scheme of the quarter as a whole. The shell works for all three construction stages are scheduled to be completed by the fall of 2020.
Christoph Geirhos, Head of Real Estate Investments in the Germany, Austria and Switzerland at BVK, said: "The City Prag project is helping the Pragsattel neighbourhood to evolve into an attractive mixed-use urban quarter that qualifies as a high-end location. The 250 rental flats planned range from studio apartments to spacious family flats, and therefore cover the entire spectrum of the local housing demand."
Bianca Reinhardt Weith, the Head of Branch and in charge of Instone's business in Baden-Württemberg, added: "The project is characterised by its close proximity to the theatre and its highly convenient access to public transportation. We are pleased to report that construction is now under way and scheduled to be completed by 2022."
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 multi-family and residential 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 intending to buy and let, and institutional investors. In more than 28 years, Instone Real Estate has successfully developed more than one million square metres. Around 360 employees work at nine locations nationwide. As of 30 September 2019, the company's project portfolio comprised 52 development projects with an expected total sales volume of roughly 5.4 billion euros and more than 12,000 units.
About Bayerische Versorgungskammer (BVK): As Germany's largest public-sector pension group, the BVK Bavarian Pension Fund is a service and competence centre for occupational and municipal pension schemes. It manages the business of twelve legally autonomous occupational and municipal pension plans that collectively cover nearly 2.3 million insured members and pension recipients, collect c. EUR4.8 billion in premium and cost-sharing revenues per year and disburse c. EUR3.4 billion in pension payments annually. BVK currently has c. EUR77 billion (book value) in investments under management on behalf of all pension schemes. BVK employs more than 1,300 professionals and counts among the signatories of the UN-supported Diversity Charter (since 2010), the UN Principles for Responsible Investment (since 2011) and of the MFF Memorandum on Women in Executive Positions (since February 2017).
Press Contact Instone Real Estate c/o RUECKERCONSULT GmbH Michael Lippitsch Wallstrasse 16 D-10179 Berlin Tel.: +49 (0)30 2844987-47 Fax: +49 (0)30 2844987-99 E-mail: email@example.com
End of Media Release Issuer: Instone Real Estate Group AG Key word(s): Real estate
29.11.2019 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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