Instone Real Estate has acquired a c.13,000m² site in Leipzig, Germany for the development of around 330 apartment totalling 23,500m². The construction is expected to begin in 2021. The company anticipates a sales volume of around €110m for the project. Together with the latest acquisition, Instone Real Estate is currently building or planning more than 1,600 apartments in the Leipzig area.
"We are planning a lively mix of classic condominiums with two to five rooms, age-appropriate apartments as well as apartments for students and professionals," said Torsten Kracht, CSO of Instone Real Estate. "A listed multiple-family building on the property is also being refurbished by Instone in accordance with the requirements for listed status. Smaller commercial units, space for bicycles and an underground car park with greenery atop it complete this development project on Rosa-Luxemburg-Strasse at the corner of Hans-Poeche-Strasse."