Berlin-based The Grounds Real Estate Development has continued its expansion in the German capital with another residential purchase, this time in Fürstenwalde.
Financial details were not disclosed for the transaction, which includes 27 apartments and 12 garages.
The deal comprises two almost structurally identical apartment blocks, with a total of around 1,550 m2 of living space, on a 14,000 m2 plot. The complex of two- and three-bedroom apartments was acquired from a private vendor, and also contains 12 garages and several outdoor parking spaces.
The properties were constructed in 1964, and modernised between 1996 and 2000. In 2009, a photovoltaic system was installed.
The Grounds intends to hold the property in its own fixed assets and possibly to utilise the densification potentials arising from the generously-dimensioned plot size at a later date, if appropriate.
Jacopo Mingazzini, a member of the management board of The Grounds, said: 'We are delighted that after the acquisition of a residential park in Bernau in January, and only around two weeks after our purchase in Eberswalde, we were again able to acquire a residential park in the outskirts of Berlin for our fixed assets.
'Whereas residential building in Berlin has stagnated for years, the surrounding area is enjoying demand growth, stimulated equally by the housing shortage in Berlin and by economic stimuli in Berlin’s affluent suburbs.
'Tesla’s siting in Grünheide and the opening of the new airport in Schönefeld are examples of this, each of which will lead to further companies locating in the area and will ensure a corresponding housing demand in the region.'
Fürstenwalde is the most densely populated city in the Oder-Spree district, as well as being an important economic and administrative centre.
