Instone Real Estate has sold commercial sites to Corpus Sireo Real Estate for an undisclosed sum.
The German residential property developer said it sold the sites in Bonn’s west.side to Corpus as part of its plan to help develop the urban quarter. Instone has obtained building permission for the overall site.
Last month it also sold 275 rental apartments to Germany’s largest pension fund Bayerische Versorgungskammer.
Stefan Dahlmanns, Instone branch manager for North Rhine-Westphalia, said: “Corpus Sireo Real Estate is an investor and project developer with extensive expertise in commercial development. Other very important factors in the decision to sell the commercial sites and to embark on this future collaboration were Corpus Sireo’s regional competence and its experience with other projects in Bonn.”
Anett Barsch, a managing director of Corpus Sireo Real Estate’s development division, said: “The future viability of the west.side urban quarter concept is what makes it so compelling, which is why it will be a key driver in our development of the commercial sites. We are looking forward to a neighbourly cooperation with Instone on the west.side development.”
Andreas Gräf, the CDO of the Instone Real Estate Group, said: “Within a short period of time we have been able to win over two renowned investors for our west.side project.
”This doesn’t just prove how attractive and sustainable our development concept is, but also demonstrates the benefits that Bonn provides as a location from both an economic perspective and in terms of quality of life.”