Instone Real Estate has begun construction of the new urban quarter in the west end of Bonn, following the laying of the foundation stone earlier this week. The scheme, known as "west.side", comprises 550 apartments that will be built on a c.60,000m² site. Insurance fund Bayerische Arzteversorgung, one of the twelve occupational pension schemes under the umbrella of Bayerische Versorgungskammer, acquired this stake in rental housing in May 2018.
Instone will deliver 276 one- to five-room apartments, randing between 45m² and 160m². The scheme will also benefit from a four-group daycare centre. The first tenants are scheduled to move in by mid-2021.
Reinhard Limbach, first mayor of the city of Bonn, said: "The new urban quarter west.side is extremely important for the Bonn real estate market and puts the former factory site to a new, future-oriented use. The development of around 550 apartments will help ease the residential market in Bonn."
"With Bayerische Ärzteversorgung, we have obtained an important project partner for the realization of this new urban quarter. The project “west.side” stands out with its multifaceted concept of use and generates considerable added value for the residents and users through its architecture and intelligent layouts," commented Stefan Dahlmanns, Instone's branch manager for the North Rhine-Westphalia.
Christoph Geirhos, head of real estate investment at Bayerische Versorgungskammer, said: "Bonn is an attractive investment location for us. Instone's know-how and experience as a developer were essential criteria for our decision. We found the neighbourhood development with its mix of residential and commercial units and a daycare centre convincing."