YOUNIQ AG, one of the leading providers of high-quality student accommodation in Germany, has sold two undeveloped construction sections of the planned 'Liechtensteiner Gärten' residential development to GRK Holding AG.
At the same time, the successful disposal of the construction sections enables the company to discontinue its project development segment within one year. The project development segment renovates high-quality, listed residential real estate.
The listed 'Liechtensteiner Gärten' project includes a total of 16 listed multi-family homes that were built in the 1920s, and which are to be comprehensively modernized and refurbished in four construction stages. A total of 110 apartments of varying dimensions, and entailing a total living space of around 8,100 m², are to be created on the area of land located in the southern part of Leipzig.
After having already completed the first construction phase in the 2010 financial year, and having transferred it to investors and owner-occupiers, the second construction phase was given the green light in January of this year. The outstanding III and IV construction phases entailing a total of 42 units will now be realized by project and property development company GRK Holding AG, a Leipzig-based company.
Rainer Nonnengässer, CEO of YOUNIQ AG, expressed his great satisfaction with the successful conclusion of the transaction as follows: "With GRK Holding AG, we have found an established and reliable partner that can guarantee the realization of high-quality real estate on the Leipzig market. As a consequence, we have taken a decisive step towards discontinuing our commitment to the listed buildings renovation business earlier than planned."
The company's primary strategic focus will now be on its student housing segment, as Nonnengässer went on to comment: "The sales proceeds will benefit our core student housing business, where we wish to further expand our already leading market position."
Source: cometis AG