Patrizia launches final phase of Augsburg resi project

Patrizia Immobilien has launched the final stage of its Wohnen im Provinopark redevelopment project in Augsburg encompassing 210 apartments in the city's textile quarter.

The first phase of the project, involving 76 apartments, has already been sold and will be ready for occupancy in early 2014. Phase II involving 80 apartments has also been sold, while the third and final phase has just been launched and is due to be completed by the end of 2015.

'Sales are exceeding our expectations,' commented Jürgen Kolper, head of real estate development at Patrizia Deutschland.

The Provinopark project aims to transform the Augsburg textile quarter from a former industrial location into an upmarket urban district. The project boasts a 'Silver' rating from the German Sustainable Building Council (DGNB).