Essen/Hamburg, 11 June 2019: Instone Real Estate has acquired the project site EASTSIDE near HafenCity in Hamburg's Rothenburgsort district from Deutsche Immobilien Entwicklungs GmbH. On the two sites totaling 15,700 square metres of space on Billhorner Kanalstraße, an integrated quarter with around 750 residential units, including privately financed and subsidized apartments, micro-apartments as well as space for social uses, is to be created on a total of 45,000 square metres of floor area. Retail and restaurant areas are planned for use on the ground floor.
Kruno Crepulja, CEO of Instone Real Estate, comments: "With this new development project, we are delighted to enhance the surrounding area of Hamburg's HafenCity with a quarter that's attractive and sustainably planned. In addition to the Instone project portfolio's already very strong foundation, this acquisition is part of our strategy to grow in Germany's metropolitan regions with additional attractive real estate. My team's numerous years of experience in the Hamburg market is a critical advantage for this and for future projects."
Instone anticipates a sales volume of around € 182 million for the EASTSIDE project. Construction is scheduled to begin in summer of 2020, with completion approximately two years later. With the participation of Urban Future Development, the seller of the site, Deutsche Immobilien Entwicklungs GmbH, held an urban development competition and significantly advanced a current development planning process. The planning architect is Schenk & Waiblinger. The parties to the agreement have agreed to confidentiality concerning the purchase price.
The metropolitan region of Hamburg remains an important location for Instone's project portfolio strategy. Instone is currently developing a project with AMANDA in Hamburg's Eimsbüttel district with 113 condominiums and 52 subsidized student apartments. The acquisition of an approximately 20,000 square-metre site for a residential project in Norderstedt near Hamburg was announced at the beginning of 2019.
Instone Real Estate
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