Corpus Sireo Real Estate, part of Swiss Life Asset Managers, has acquired a commercial development project in Bonn’s 'west.side' district from listed residential developer Instone Real Estate.
Financial details were not disclosed.
Following the acquisition, Corpus Sireo will be developing around 40,000 m2 of gross floor space independently, which will add to Instone's residential project.
Last month, Essen-based Instone also sold 275 rental apartments as part of the project to Bayerische Versorgungskammer.
Development on the site started in March 2018 and is expected to be largely completed by the end of 2021.
Stefan Dahlmanns, Instone branch manager for North Rhine-Westphalia, commented: ‘We’re delighted that we have been able to gain another renowned company with roots in the Rhineland for our 'west.side' project before construction on the first buildings has even begun. This gives credence to our integrated development strategy for the urban quarter.’
Anett Barsch (pictured), managing director of Corpus Sireo Real Estate’s development division, explained: ‘The future viability of the 'west.side' urban quarter concept is what makes it so compelling, which is why it will be a key driver in our development of the commercial sites.’
‘We are looking forward to a neighbourly cooperation with Instone on the west.side development. This is where a new Bonn neighbourhood with a high level of sustainability will emerge: one of the most attractive projects in the Rhineland,’ she added.