Swedish residential developer Bonava has announced the sale of a 194-apartment rental project in Berlin to a local company for SEK 500 mln (€45 mln).
The transaction marks the start of production for the project, which will be financed by the buyer, ensuring positive cash flow for Bonava from the outset.
This project represents the initial phase of the new Gartenstadt Karlshorst district, where Bonava plans to develop approximately 500 housing units in the coming years. The majority of the 194 apartments will be built according to Berlin's housing subsidy guidelines, promoting affordable housing options.
The three multi-family buildings will be constructed with a focus on sustainability, featuring high energy efficiency, green roofs, and renewable energy sources like heat pumps and solar panels.
Sabine Helterhoff, Business Unit president, Bonava Germany, commented: ‘In Berlin, the need for new homes is significant, and this transaction shows that Bonava is capable of creating attractive offerings for investors. This also signals the start of production for this new district in eastern Berlin, which we will be developing for a long time to come.’
Located 10 kilometres from Berlin city centre, the future Gartenstadt Karlshorst district will offer residents a mix of housing options, including 194 rental apartments, 50 single-family homes, and approximately 280 condominiums, totaling around 500 new housing units by 2031.
The district will be conveniently located near essential amenities such as a healthcare center, bakery, daycare centre, and school, while priority will be given to green spaces and community living.
