Media | 17 December 2018 08:00
Instone Real Estate Group AG: Instone Acquires Plot for Neighbourhood Development in Dortmund
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Instone Acquires Plot for Neighbourhood Development
– Sales volume expected to total c. EUR 100 million – Property of around 17,200 square metres in prime location of Dortmund – Neighbourhood development to start directly with the drafting of the planning consent – Start of construction work expected in 2021
Instone puts the anticipated sales volume at a total of approximately EUR 100 million and expects construction work to start in 2021. The neighbourhood development will start directly with the drafting of the planning consent. Andreas Gräf, CDO of Instone Real Estate, commented the move to expand in Dortmund with the words: “We see a lot of potential in this location. We are planning to deploy our experienced North Rhine-Westphalia team to make a noticeable difference on Dortmund’s housing market with a large-scale but well-considered neighbourhood development. The growth strategy that we pursue as a leading listed residential developer is perfectly complemented by this acquisition.” With a population of more than 600,000 today, Dortmund is the third-largest city in North Rhine-Westphalia. As one of the two core cities of the Ruhr area, it has seen robust population growth (+3.9% since 2012) in recent years, yet the persistently positive growth forecast coincides with a rather strained residential property market. Given the price increases and the low residential vacancy rate of 1.8%, according to the city’s housing market report, the City of Dortmund has set itself the goal of raising around 2,000 new flats per year. So far, it has fallen short of the mark. Stefan Dahlmanns, Head of the Instone branch North Rhine-Westphalia, said: “With our project in Dortmund-Gartenstadt, we have positioned ourselves in one of the most sought locations in the immediate vicinity of the town centre. We are planning to pursue a holistic neighbourhood development with the focus on residential use that picks up on the special urban-planning character of the ‘greenbelt’ Gartenstadt while developing it further along the lines of present standards.”
About Instone Real Estate (IRE) Instone Real Estate is one of Germany’s leading residential developers and is listed in the Prime Standard at the Frankfurt Stock Exchange. 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 and institutional investors. In 27 years, Instone Real Estate has successfully developed more than one million square metres. More than 320 employees work at eight locations nationwide. As of 30 September 2018, Instone Real Estate’s project portfolio comprised 45 development projects with an expected total sales volume of roughly EUR 3.6 billion and more than 8,900 units.
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End of Media Release Issuer: Instone Real Estate Group AG
17.12.2018 Dissemination of a Press Release, transmitted by DGAP – a service of EQS Group AG.
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| Language: | English |
| Company: | Instone Real Estate Group AG |
| Baumstraße 25 | |
| 45128 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 |
| End of News | DGAP Media |