German residential developer Instone Real Estate has announced the sale of 429 rental apartments in the inner city of Augsburg as turn-key development to an unnamed European asset manager within the framework of a forward deal.
The parties agreed to keep the purchase price confidential.
Development of the project, called Augusta & Luca, is already underway with completion scheduled for 2024. The scheme is being built on a site of around 14,000 m2 and will include 200 underground parking spaces.
Bianca Reinhardt Weith, COO South at Instone Real Estate, said: 'The sale of the entire August & Luca quarter to a strong partner underlines the high liveability and quality of location that define the project with its forward-looking, site-appropriate concept. It also demonstrates that it was the right decision to develop exclusively rental apartments at this site. Since sustainability is a mainstay of our corporate strategy, we revisited our plans over the past months to optimise them further in terms of energy efficiency.'
