German developer Instone buys development site for 395 apartments
Instone Real Estate has acquired a 14,000sqm residential site in Germany for the development of 395 apartments.
The German residential developer said it bought the site in Augsburg’s city centre from Aurelis Real Estate for an undisclosed sum.
Construction is planned to begin in the second half of 2019, with completion due in the first half of 2022.
Joachim Häsler, Instone branch manager in Bavaria, said: “With the acquisition of this prime location, we are planning the development of 395 apartments for singles, couples and families. The new apartments are aimed primarily at smaller households, as supply is scarce in Augsburg for this target group.
“The close proximity to the city centre with local amenities in walking distance make this an attractive new residential area.”
Andreas Gräf, the CDO of Instone Real Estate Group, said: “Thanks to our extensive expertise in project management and our network of local offices, we are able to acquire land in prime locations to meet the demand for urban housing for various target groups.
“For our new development in Augsburg, we are expecting a sales volume of around €130m.”