Instone Real Estate, one of Germany’s leading residential developers, just sold 429 rental apartments in the inner city of Augsburg as turn-key development to a leasing European asset manager within the framework of a forward deal. It was agreed to keep the purchase price undisclosed. Construction started a short while ago on a site area of around 14,000 square metres. With its “Augusta & Luca” project, Instone is creating compact apartments of 1 to 3 bedrooms along with 400 underground parking spots in direct proximity to the central railway station. The project completion is scheduled for 2024.
Bianca Reinhardt Weith, COO South at Instone Real Estate, said: “The sale of the entire August & Luca quarter to a strong partner underlines the high liveability and quality of location that define the project with its forward-looking, site-appropriate concept. It also demonstrates that it was the right decision to develop exclusively rental apartments at this site. Since sustainability is a mainstay of our corporate strategy, we revisited our plans over the past months to optimise them further in terms of energy efficiency. All apartments in the quarter will meet the KfW efficiency house 55 standard.”
Andreas Zeitler, head of the Bavaria branch at Instone Real Estate, added: “In the meantime, we launched the construction works for the two development stages ‘Augusta’ and ‘Luca.’ Their simultaneous development will ensure that the incoming residents get to experience the full quality of the quarter from the start.”