Instone and LEG have completed the purchase agreement for the realisation of the first phase of construction in the "Wohnen im Hochfeld" district in Dusseldorf-Unterbach at the end of 2019. Of the 104 apartments sold, 16 units will be publicly subsidised, 66 are planned as reasonably priced living space, and 22 units will be privately financed. In addition, the acquisition by LEG includes a children's daycare centre and a range of smaller commercial units in the neighbourhood development project. The parties have agreed not to disclose the purchase price.
"We are delighted that this partial acquisition of the 'Wohnen im Hochfeld' project will see us continuing our state-wide new-build offensive in the direct vicinity of Unterbacher See in Dusseldorf. The proportion of subsidised and reasonably priced apartments in the package demonstrates our commitment to social responsibility and the fact that we will be able to offer inexpensive apartments even in rental markets under strain. As a reliable and highly experienced developer, Instone stands for the high quality of the project."
Stefan Dahlmanns, COO for North Rhine-Westphalia at Instone Real Estate Development, commented: "The early sale of this sub-project is a positive indicator for the entire neighbourhood development and an important milestone for us. With LEG, we have a trusted and long-term-oriented partner at our side. This will also greatly benefit the quality of the residential neighbourhood going forward."
