Instone Real Estate Group AG

  • WKN: A2NBX8
  • ISIN: DE000A2NBX80
  • Land: Deutschland

Nachricht vom 12.09.2019 | 08:00

Instone Real Estate: Important step for Niederkasseler Lohweg residential project in Düsseldorf


DGAP-Media / 12.09.2019 / 08:00

Instone Real Estate: Important step for Niederkasseler Lohweg residential project in Düsseldorf

- Land-use plan comes into force

- Building permit application submitted, construction of 221 apartments for broad user spectrum scheduled to begin in 2020

- Creation of urgently needed housing (publicly subsidized, low-priced and privately financed) and daycare center

- Dismantling of existing building starts in October

Essen/Düsseldorf, 12 September 2019: Instone Real Estate, the German residential property developer, announces an important step forward on its project "Niederkasseler Lohweg 20" in Düsseldorf. Working closely together with the city of Düsseldorf in an atmosphere of mutual trust, the land-use planning procedure was successfully concluded already before the end of July 2019. The new land-use plan became legally binding with publication in the official gazette of the city of Düsseldorf of the resolution authorizing the ordinance. Shortly thereafter Instone submitted the building permit application for the project, centrally located in the immediate vicinity of the "Am Seestern" subway station.

The demolition of the existing building - a seven-story office building with an aging structure - is scheduled to take place from October 2019 to approximately mid-2020. This will create space for a housing project with appeal for a broad user spectrum and for a two-classroom kindergarten. Instone plans to build a total of 221 apartments, including publicly subsidized, low-priced and privately financed units, on the approximately 8,150 square meter plot of land. The offerings will be completed with 151 underground parking spaces.

"We are pleased that the new land-use plan is in place and that we can begin with the dismantling and then with the pre-construction measures for this important residential project. The city of Düsseldorf shares our vision for this location and together we are working to make a relevant contribution to the creation of urgently needed living space in this city," says Andreas Gräf, COO of Instone Real Estate.

Construction of the architecturally pioneering and heterogeneous project will begin after issuance of the building permit, which is expected in 2020. The housing estate is to be spread over three elongated buildings that "hug" a green courtyard. On the street side, one of the buildings will be fronted with a modern residential tower at Niederkasseler Lohweg. The Düsseldorf-based architectural firm of Geitner Architekten is responsible for the architecture. In 2023 the first residents are to move in.

Düsseldorf is currently undergoing particularly dynamic demographic change. IT.NRW forecasts population growth of 14 percent by 2040, which would push the population of the state capital of North Rhine-Westphalia to above 700,000. Instone plans further residential projects for Düsseldorf, including the close-to-nature development "Wohnen im Hochfeld" in the borough of Unterbach.

 

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 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, the company's project portfolio comprised 47 development projects with an expected total sales volume of roughly 5.1 billion euros and more than 11,500 units.


Press Contact
Instone Real Estate
c/o RUECKERCONSULT GmbH
Michael Lippitsch
Wallstraße 16
10179 Berlin
Tel.: +49 (0)30 2844987-47
Fax: +49 (0)30 2844987-99
E-mail: instone@rueckerconsult.de



End of Media Release


Issuer: Instone Real Estate Group AG
Key word(s): Real estate

12.09.2019 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.

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