German residential developer Instone Real Estate has acquired a site to build 330 apartments worth €110m.
Instone said it bought the 13,000sqm site in Leipzig for an undisclosed sum and expects construction work to begin in 2021.
Torsten Kracht, CSO of Instone Real Estate, said: “At this location, we are planning a lively mix of classic condominiums with two to five rooms, age-appropriate apartments as well as apartments for students and professionals.”
Kracht said a listed multiple-family building on the property is also being refurbished by Instone in accordance with the requirements for listed status.
Together with the latest acquisition, Instone is currently building or planning more than 1,600 apartments in the Leipzig area, among them Leipzig’s biggest residential project, the Heeresbäckerei.
At the end of the first quarter of 2019, Instone’s project portfolio comprised 45 development projects with an expected total sales volume of €4.8bn and more than 11,000 units.