Instone Real Estate has acquired a 9,400m² site in Leipzig for the development of the 210-unit residential scheme. It is expected that this will generate a sales volume of around €70m. The parties have agreed to maintain discretion about the purchase price.
Andreas Ruhle, COO of Instone Real Estate for Saxony: “The site offers the potential to develop around 14,500m² of living space in a central location in one of the most dynamic districts of Leipzig. This is an excellent opportunity for us to leverage our expertise as a residential development company. Over the coming years, this area will be transformed into an attractive residential quarter to boost the local residential market. We are expecting to begin construction in early 2020. This means that the scheduling of the project will slot right into the growth plans of Instone Real Estate.”
Torsten Kracht, CSO of Instone Real Estate Group, adds: “Leipzig has been doing very well economically in recent years. The population is constantly growing and is set to rise from 590,000 inhabitants today to up to 722,000 inhabitants in 2030. In order to ensure enough residential space is created, around 60,000 new homes need to be built by 2030, according to a municipal forecast. We are able to make a small contribution to this with our latest ventures in Leipzig, including the Heeresbackerei project."