Instone Real Estate has acquired the EASTSIDE scheme near HafenCity in Hamburg's Rothenburgsort district from Deutsche Immobilien. Located on Billhorner Kanalstraße, the 45,000m² project will comprise 750 residential units, including privately financed and subsidized apartments, micro-apartments as well as space for social uses.
Construction is scheduled to begin in summer of 2020, with completion expected in 2022. With the participation of Urban Future Development, the seller of the site, Deutsche Immobilien, held an urban development competition and significantly advanced a current development planning process. The scheme is designed by Schenk & Waiblinger. The purchase price was not disclosed.
Kruno Crepulja, CEO of Instone Real Estate, commented: "With this new development project, we are delighted to enhance the surrounding area of Hamburg's HafenCity with a quarter that's attractive and sustainably planned. In addition to the Instone project portfolio's already very strong foundation, this acquisition is part of our strategy to grow in Germany's metropolitan regions with additional attractive real estate. My team's numerous years of experience in the Hamburg market is a critical advantage for this and for future projects."