German residential developer Instone Real Estate has acquired a property in Rottenburg am Neckar, located in the metropolitan region of Stuttgart, for €100 mln.
‘The property has a potential for about 360 residential units to be built in several sections. They will form a complete ensemble with a variety of building and residential types,’ explained Bianca Reinhardt Weith, Instone branch manager in Baden-Württemberg.
The 26,000 m2 building is part of a project set in a quarter with five yards and commercial areas. All in all, 30% of the residential area will be implemented as subsidised apartments according to Baden-Württemberg's state residential subsidy programme. Construction is expected to begin in the second half of 2019.
Andreas Gräf, CDO of Instone Real Estate Group, commented: ‘The purchase of this property in an outstanding location in Rottenburg am Neckar fits perfectly into our growth strategy of tackling larger quarter development projects. This also enables us to contribute to creating urgently needed residential space. We can reach a variety of target groups with our apartments, some of which receive subsidies.’