Instone Real Estate Group AG
- WKN: A2NBX8
- ISIN: DE000A2NBX80
- Land: Deutschland
Nachricht vom 29.11.2019 | 08:00
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.
End of Media Release
Issuer: Instone Real Estate Group AG
Key word(s): Real estate
|Company:||Instone Real Estate Group AG|
|Phone:||+49 201 453 550|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||924433|
|End of News||DGAP Media|
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