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DGAP-Media / 2018-12-17 / 08:00
*Instone Acquires Plot for Neighbourhood Development *
*in Dortmund*
*- *_Sales volume expected to total c. EUR 100 million_
_- Property of around 17,200 square metres in prime location of Dortmund_
_- Neighbourhood development to start directly with the drafting of the
planning consent_
_- Start of construction work expected in 2021_
*Essen / Dortmund, 17 December 2018*: Instone Real Estate is positioning
itself prominently in Dortmund: By acquiring a plot of around 17,200 square
metres, the listed residential developer just secured a project that could
potentially deliver a gross floor area of around 30,000 square metres. The
property is part of Dortmund's Gartenstadt district and thus lies in one of
the finest areas of this Ruhr metropolis. The plot was sold by an affiliated
company of Immowerk GmbH. Immowerk, who retains a non-controlling interest,
supports the plans of Instone Real Estate for a neighbourhood development.
The parties to the contract agreed not to disclose the purchase price.
Instone puts the anticipated sales volume at a total of approximately EUR
100 million and expects construction work to start in 2021. The
neighbourhood development will start directly with the drafting of the
planning consent.
Andreas Gräf, CDO of Instone Real Estate, commented the move to expand in
Dortmund with the words: "We see a lot of potential in this location. We are
planning to deploy our experienced North Rhine-Westphalia team to make a
noticeable difference on Dortmund's housing market with a large-scale but
well-considered neighbourhood development. The growth strategy that we
pursue as a leading listed residential developer is perfectly complemented
by this acquisition."
With a population of more than 600,000 today, Dortmund is the third-largest
city in North Rhine-Westphalia. As one of the two core cities of the Ruhr
area, it has seen robust population growth (+3.9% since 2012) in recent
years, yet the persistently positive growth forecast coincides with a rather
strained residential property market. Given the price increases and the low
residential vacancy rate of 1.8%, according to the city's housing market
report, the City of Dortmund has set itself the goal of raising around 2,000
new flats per year. So far, it has fallen short of the mark.
Stefan Dahlmanns, Head of the Instone branch North Rhine-Westphalia, said:
"With our project in Dortmund-Gartenstadt, we have positioned ourselves in
one of the most sought locations in the immediate vicinity of the town
centre. We are planning to pursue a holistic neighbourhood development with
the focus on residential use that picks up on the special urban-planning
character of the 'greenbelt' Gartenstadt while developing it further along
the lines of present standards."
*About Instone Real Estate (IRE)*
Instone Real Estate is one of Germany's leading residential developers and
is listed in the Prime Standard at the Frankfurt Stock Exchange. The company
develops attractive multi-family and residential buildings as well as
publicly subsidized housing, designs modern urban quarters and refurbishes
listed buildings for residential use. Buyers are mainly owner-occupiers,
private investors and institutional investors. In 27 years, Instone Real
Estate has successfully developed more than one million square metres. More
than 320 employees work at eight locations nationwide. As of 30 September
2018, Instone Real Estate's project portfolio comprised 45 development
projects with an expected total sales volume of roughly EUR 3.6 billion and
more than 8,900 units.
*Contact Details*
*Press Contact*
Instone Real Estate
c/o RUECKERCONSULT GmbH
Michael Lippitsch
Wallstrasse 16
D-10179 Berlin
Tel.: +49 (0)30 284498747
Fax: +49 (0)30 284498799
E-mail: instone@rueckerconsult.de
End of Media Release
Issuer: Instone Real Estate Group AG
2018-12-17 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 AG
Baumstraße 25
45128 Essen
Germany
Phone: +49 201 453 550
E-mail: ir@instone.de
Internet: www.instone.de
ISIN: DE000A2NBX80
WKN: A2NBX8
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart,
Tradegate Exchange
End of News DGAP Media
758675 2018-12-17
(END) Dow Jones Newswires
December 17, 2018 02:00 ET (07:00 GMT)
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