Instone Real Estate has acquired a c.26,000m² development project in Rottenburg am Neckar, Baden-Wurttemberg, as it continues its growth by focusing on the development of inner-city quarters. The concept comprises a vibrant quarter with five yards and commercial areas. 30% of the residential area will be implemented as subsidised apartments according to Baden-Wurttemberg's state residential subsidy programme. An urban-development draft has already been completed. Construction is expected to commence in the second half of 2019. The company expects a sales volume over €100m.
Bianca Reinhardt Weith, Instone branch manager in Baden-Wurttemberg, says: "Our many years of experience in quarter design and development prepares us very well for developing a vibrant quarter in Rottenburg here in the course of the next few years. The property has a potential for about 360 residential units to be built in several sections. They will form a complete ensemble with a variety of building and residential types."
Andreas Graf, CDO of Instone Real Estate Group, adds: "The purchase of this property in an outstanding location in Rottenburg am Neckar fits perfectly into our growth strategy of tackling larger quarter development projects. This also enables us to contribute to creating urgently needed residential space. We can reach a variety of target groups with our apartments, some of which receive subsidies."
