Instone Real Estate has acquired a 14,000sqm residential site in Germany for the development of 395 apartments.
The German residential developer said it bought the site in Augsburg鈥檚 city centre from Aurelis Real Estate for an undisclosed sum.
Construction is planned to begin in the second half of 2019, with completion due in the first half of 2022.
Joachim H盲sler, Instone branch manager in Bavaria, said: 鈥淲ith the acquisition of this prime location, we are planning the development of 395 apartments for singles, couples and families. The new apartments are aimed primarily at smaller households, as supply is scarce in Augsburg for this target group.
鈥淭he close proximity to the city centre with local amenities in walking distance make this an attractive new residential area.鈥�
Andreas Gr盲f, the CDO of Instone Real Estate Group, said: 鈥淭hanks to our extensive expertise in project management and our network of local offices, we are able to acquire land in prime locations to meet the demand for urban housing for various target groups.
鈥淔or our new development in Augsburg, we are expecting a sales volume of around 鈧�130m.鈥�
