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DGAP-Media / 2018-07-04 / 07:45
*Instone Real Estate successfully concludes "Halle 17" residential project
in Cologne*
*- *_All 47 flats sold before completion_
_- Handing over to homeowners on schedule_
_- Revitalisation project on historic industrial site in the north of
Cologne finished according to plan, on time and within budget _
_- Sales proceeds of around EUR 30 million exceed expectations at project
start_
*Essen/Cologne, 4 July 2018: *Listed residential development companyInstone
Real Estate has completed its "Halle 17" project in Cologne-Nippes according
to plan. All 47 flats were sold to owner-occupiers and investors prior to
completion and will be handed over in the coming weeks to the new owners, on
schedule. Beyond that, 77 underground parking spaces and three commercial
units were constructed and sold. The original planning in terms of cost,
timing and quality was fully met. In total, Instone realizes sales proceeds
of around EUR 30 million with the project and an average sales price per
square metre of around EUR 5,000, thereby exceeding the forecast revenue at
project initiation.
Instone had acquired the listed industrial hall on the historical Clouth
property in December 2014, and then carefully gutted and revitalized while
maintaining the façade. Andreas Gräf, CDO of Instone Real Estate Group,
says: "As part of this exciting revitalisation project, we successfully
built 47 flats around contemporary space concepts while preserving
attractive industrial architecture. Our 'Halle 17' thus represents a
valuable enhancement to the emerging Clouth Quarter." Gräf elaborates: "We
are very satisfied with the project as a whole and look forward to handing
over the apartments to their owners as planned. Most of the buyers come from
the surrounding neighbourhood. This reflects the high attractiveness of the
project for Cologne and the district of Nippes."
The Clouth Quartier is being developed by the urban development company
"moderne stadt" on the 160,000 square meter site of the former Rheinische
Gummiwarenfabrik, founded by Franz Clouth. By the end of 2022, a lively city
quarter with around 1,200 apartments, 500 workplaces, artist studios,
gastronomy and attractive open spaces is to be created.
*About Instone Real Estate (IRE)*
Instone Real Estate is one of Germany's leading residential developers.
Instone develops modern urban multi-family and residential buildings and
refurbishes listed buildings for residential use. Instone develops and
markets flats for owner-occupiers, private investors and institutional
investors. In 27 years, we have successfully developed more than one million
square metres. Around 300 employees work at eight locations nationwide. As
of 31 March 2018, Instone's project portfolio consisted of 45 development
projects with an expected total sales volume of around EUR 3.4 billion and
more than 8,000 units. Since February 2018 Instone has been listed in the
Prime Standard at the Frankfurt Stock Exchange.
*Press contact
Instone Real Estate*
c/o RUECKERCONSULT GmbH
Franziska Jenkel
Wallstraße 16
10179 Berlin
Tel.: 030 2844987-61
Fax: 030 2844987-99
Email: instone@rueckerconsult.de
End of Media Release
Issuer: Instone Real Estate Group N.V.
Key word(s): Real estate
2018-07-04 Dissemination of a Press Release, transmitted by DGAP - a service
of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Archive at www.dgap.de
Language: English
Company: Instone Real Estate Group N.V.
Baumstraße 25
45128 Essen
Germany
Phone: +49 201 453 550
E-mail: ir@instone.de
Internet: www.instone.de
ISIN: NL0012757355
WKN: A2JCTW
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart,
Tradegate Exchange
End of News DGAP Media
701421 2018-07-04
(END) Dow Jones Newswires
July 04, 2018 01:45 ET (05:45 GMT)
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