Cologne/Bonn, 14 May 2018: Instone Real Estate Group – a leading residential developer in Germany – has sold 158 units to Bayerische Versorgungskammer (BVK) at Bonn’s west.side site, which is currently in the planning stage. It was agreed to keep the purchase price confidential. An agreement was also signed for the purchase of an additional 118 privately financed and subsidised flats as well as a nursery, which are also part of the west.side project. The end investor is Bayerische Ärzteversorgung, a pension fund under Bayerische Versorgungskammer.
Over the next few years, Instone will develop over 550 rental and owner-occupied units at the 60,000 square meters west-side site in the Endenich district. There will be an additional 40,000 square meters of floor space for commercial use. The new district will retain a sense of the site’s 130-year industrial history thanks to the conversion of some former factory buildings.
According to Stefan Dahlmanns, Instone’s Regional Manager for North Rhine-Westphalia: “The fact that we have already secured the sale of all the rental units at the west.side site proves that this project is particularly attractive and has outstanding potential”. Bonn’s west.side lives up to all the expectations of a bustling, modern district and contributes significantly to Bonn’s urban development. The site development work is in full swing”.
According to Christoph Geirhos, Head of Real Estate Investment at Bayerische Versorgungskammer: “By acquiring this package of rental units on the historic industrial site, we managed to secure an attractive residential investment early on. We were convinced by the concept and the architectural design of the new district. As it is located in one of the most attractive residential markets in North Rhine-Westphalia, it is also an excellent fit for our portfolio”.
The first package of residential units that BVK acquired includes 158 privately financed flats at the MI 5 / MI 6 construction site with units measuring 50–130 square meters and a total residential area of roughly 14,000 square meters. The 5–6 storey complex with a loose perimeter structure and a green courtyard is made up of 3 modules that are each comprised of 11 detached houses.
The second package includes 89 privately financed flats and 29 subsidized flats at the MI 3 construction site with units measuring 45–160 square meters and a total residential area of roughly 9,200 square meters plus a four-level nursery. The 3–6 storey perimeter structure is made up of 11 detached houses and has a common area as well as a green courtyard that serves as the outdoor area for the nursery, among other things. The design of the residential properties in both packages can be divided into three types of façades with different material and colour schemes. The use of stucco, brick and metal as well as clearly structured façade patterns ties back into the site’s industrial history. Construction of the first section is slated to begin in late 2018. It is expected to complete in 2021.
According to Andreas Gräf, CDO of Instone Real Estate Group and COO for North Rhine-Westphalia and Rhine-Main: “Bonn is one of the most attractive cities in North Rhine-Westphalia, which is characterized by an exceedingly dynamic population and economic growth as well as comparatively high purchasing power. As such, we see this Rhine metropolis as an ideal location for a modern, mixed-use district like west.side that will also help ease the strain on Bonn’s residential market”.
At 24,976 in 2017, the city’s per-capita purchasing power was nearly 12% above the average for North Rhine-Westphalia (Bonn/Rhein-Sieg Chamber of Commerce and Industry).
Note on image rights: Instone Real Estate, copyright: Astoc Ponnie
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