Instone Real Estate Group has sold 158 units to Bayerische Versorgungskammer (BVK). The site is located in Bonn and is currently in the planning stage. It was agreed to keep the purchase price confidential. The company has also purchased additional 118 privately financed and subsidised flats as well as a nursery. The end investor is Bayerische Ärzteversorgung, a pension fund under Bayerische Versorgungskammer.
Over the next few years, Instone will develop over 550 rental and owner-occupied units at the 60,000 m² west.side site in the Endenich district. There will be an additional 40,000 m² of floor space for commercial use. The new district will retain a sense of the site’s 130-year industrial history thanks to the conversion of some former factory buildings.
Stefan Dahlmanns, Instone’s Regional Manager for North Rhine-Westphalia, commented: “The fact that we have already secured the sale of all the rental units at the west side site proves that this project is particularly attractive and has an outstanding potential. Bonn’s west side lives up to all the expectations of a bustling, modern district and contributes significantly to Bonn’s urban development. The site development work is in full swing”.
Christoph Geirhos, Head of Real Estate Investment at Bayerische Versorgungskammer, said: “By acquiring this project we managed to secure an attractive residential investment. We were convinced by the concept and the architectural design of the new district. As it is located in one of the most attractive residential markets in North Rhine-Westphalia, it is also an excellent fit for our portfolio”.
The first package of residential units includes 158 privately financed flats with units measuring 50–130 m² and a total residential area of roughly 14,000 m². The 5–6 storey complex with a loose perimeter structure and a green courtyard is made up of 3 modules each comprised of 11 detached houses.
The second package includes 89 privately financed flats and 29 subsidized flats with units measuring 45–160 m² and a total residential area of roughly 9,200 m² plus a four-level nursery. The 3–6 storey perimeter structure is made up of 11 detached houses and has a common area as well as a green courtyard that serves as the outdoor area for the nursery. Construction of the first section is slated to begin in late 2018, with the completion expected for 2021.
Andreas Gräf, CDO of Instone Real Estate Group and COO for North Rhine-Westphalia and Rhine-Main, said: “Bonn is one of the most attractive cities in North Rhine-Westphalia, which is characterized by an exceedingly dynamic population and economic growth as well as comparatively high purchasing power. As such, we see this Rhine metropolis as an ideal location for a modern, mixed-use district will also help ease the strain on Bonn’s residential market”.