German residential developer Instone Real Estate has announced the sale of 158 units over 14,000 m2 of space at its west.side site development in Bonn to pension fund Bayerische Versorgungskammer (BVK).
Financial details were kept confidential.
BVK has also agreed to purchase an additional 118 privately financed and subsidised flats as well as a nursery, which are also part of the west.side project.
Over the next few years, Instone will develop over 550 rental and owner-occupied units as well as 40,000 m2 of floor space for commercial use at the 60,000 m2 west-side site in the Endenich district. 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.'
Construction of the first phase is slated to begin in late 2018. It is expected to complete in 2021.