WGF AG has sold a residential construction project comprising 362 rental apartments located in the Prenzlauer Berg district of Berlin to Aberdeen Immobilien Kapitalanlagegesellschaft mbH prior to the start of construction work. The project volume totals 100 million. The buyer will hold the real estate in its portfolio in the long term for a real estate fund.
The area will also feature a children's day nursery, an aparthotel and local shopping facilities. It is scheduled to be completed by the end of 2014.
Planning permission has been granted for the first phase of construction, and construction work is set to commence in the first quarter of 2012. Outline planning permission is in place for three further phases of construction. Consultations regarding these are currently being held with the city planning services for the district.
This project development is representative of the direction WGF AG is set to take in the real estate industry in the future. The Düsseldorf-based real estate company began to establish its project development business at the end of 2009. With this new project in Berlin, the company has demonstrated that it makes effective use of its real estate expertise, in a way that is profitable for all partners.
Source: WGF AG