Patrizia Immobilien plans to start work on a new residential development in the Mitte district of Berlin next year, lifting its pipeline of apartments under construction or at the planning stage in Germany to over 3,000.
Patrizia Immobilien plans to start work on a new residential development in the Mitte district of Berlin next year, lifting its pipeline of apartments under construction or at the planning stage in Germany to over 3,000.
The investment volume for the new scheme and other construction projects is €1.4 bn.
Besides Berlin, other new apartments are being built in Munich, Hamburg, Düsseldorf, Frankfurt am Main and Cologne.
'The planned apartments are being built solely in metropolitan areas, meaning that we are making an important contribution to combating the housing shortage,' commented Jürgen Kolper, head of real estate development at the German listed property company.
Patrizia intends to develop more than 100 condominiums on a 3,500-m2 plot that the company has acquired in the Mitte district of the German capital.
The scheme involves a complex of buildings with a gross floor space of 10,000 m2. The investment volume is around €40 mln. Patrizia acquired the land plot from the German Institute for Federal Real Estate.
