Instone Real Estate has sold the commercial sites in Bonn’s west.side development according to Corpus Sireo Real Estate. The parties have agreed to maintain discretion about the purchase price.
With this sale, Instone has achieved the next milestone in the development of this urban quarter after successfully obtaining building permission for the overall site. The Essen-based residential developer has already sold 275 rental apartments to Bayerische Versorgungskammer in May 2018. With this transaction, the development of the urban quarter is drawing to a close.
Development works were launched in March 2018, and construction on the first lot of rental apartments will begin in the fourth quarter of 2018.
Stefan Dahlmanns, Instone branch manager for North Rhine-Westphalia, says: “Corpus Sireo Real Estate is an investor and project developer with extensive expertise in commercial development. Other very important factors in the decision to sell the commercial sites and to embark on this future collaboration were Corpus Sireo’s regional competence and its experience with other projects in Bonn. We’re delighted that we have been able to gain another renowned company with roots in the Rhineland for our west.side project before construction on the first buildings has even begun. This gives credence to our integrated development strategy for the urban quarter.”
Anett Barsch, Managing Director of Corpus Sireo Real Estate’s development division, explains: “The future viability of the west.side urban quarter concept is what makes it so compelling, which is why it will be a key driver in our development of the commercial sites. We are looking forward to a neighbourly cooperation with Instone on the west.side development. This is where a new Bonn neighbourhood with a high level of sustainability will emerge, one of the most attractive projects in the Rhineland. As a result, we are now, in addition to the redevelopment of the Zurich area, engaged in another highlight project in the federal city."
Andreas Graf, CDO of the Instone Real Estate Group, adds: “Within a short period of time we have been able to win over two renowned investors for our west.side project. This doesn’t just prove how attractive and sustainable our development concept is, but also demonstrates the benefits that Bonn provides as a location from both an economic perspective and in terms of quality of life.”
