Instone Real Estate has acquired a plot of around 10,740m² in Herrenberg, Germany. The asset is earmarked for the company’s third neighbourhood development in the area and is expected to deliver sales in a volume of c. €55m. Construction work is scheduled to start in the second half of 2022, once the local development planning process is concluded.
Thomas Sprissler, the town’s mayor, commented: “Herrenberg urgently needs new housing stock. We are pleased to say that the new quarter will not only help to ease the strain on the local housing market but will also contribute to our urban development."
Harald Meersse, Managing Director for Baden-Wurttemberg and Bavaria at Instone, added: “Not least because of the short commute to Sindelfingen, Herrenberg has seen its population grow in recent decades, generating a keen demand for housing; the location advertises itself. This is already the third project in which we are collaborating with the city council of Herrenberg.”