Essen/Bonn, 12 July 2019: In the west end of Bonn, the demolition and development work for the new urban quarter "west.side" has been completed. Developer Instone Real Estate began construction of the 276 rental units several weeks ago. Insurance fund Bayerische Ärzteversorgung, one of the twelve occupational pension schemes under the umbrella of Bayerische Versorgungskammer, acquired this stake in rental housing in May 2018. Yesterday, Thursday, the foundation stone was laid together with the Federal City of Bonn's First Mayor Reinhard Limbach, District Mayor Brigitta Poppe-Reiners and representatives from insurance fund Bayerische Ärzteversorgung.
Reinhard Limbach, first mayor of the city of Bonn, points out: "The new urban quarter west.side is extremely important for the Bonn real estate market and puts the former factory site to a new, future-oriented use. The development of around 550 apartments will help ease the residential market in Bonn."
"With Bayerische Ärzteversorgung, we have obtained an important project partner for the realization of this new urban quarter. The project “west.side” stands out with its multifaceted concept of use and generates considerable added value for the residents and users through its architecture and intelligent layouts," Stefan Dahlmanns, Instone's branch manager for the North Rhine-Westphalia, explains.
Christoph Geirhos, head of real estate investment at Bayerische Versorgungskammer, adds: "Bonn is an attractive investment location for us. Instone's know-how and experience as a developer were essential criteria for our decision. We found the neighbourhood development with its mix of residential and commercial units and a daycare centre convincing."
A total of around 550 apartments will be built on the approximately 60,000 square-metre site. The laying of the foundation stone was celebrated yesterday for 276 apartments. The one- to five-room apartments vary between 45 and 160 square metres. A four-group daycare centre is also planned. The first tenants are scheduled to move in by mid-2021.
At EUR 26,152, purchasing power per resident in Bonn was nearly 12 percent above the average of North Rhine-Westphalia in 2018 (Bonn/Rhine-Sieg Chamber of Commerce and Industry). After Münster (6.3 percent) and Cologne (6.1 percent), at 4.7percent Bonn has the highest level of population growth in North Rhine-Westphalia (source: LEG Housing Market Report 2018).