German residential developer Instone Real Estate has acquired a large-scale development in Hamburg's docklands area where around 750 apartments are due to be built.
Deutsche Immobilien Entwicklungs GmbH has agreed to sell the Eastside project, near HafenCity, which spans two properties with a total area of around 15,700 m2.
The residential units will comprise a mix of subsidised apartments, micro apartments and social spaces, as well as retail space and cafes on the ground floor.
Financial details were not disclosed, but Instone said it expected the sales volume for the project to amount to around €182 mln. Construction work is due to start in the summer of 2020.
Kruno Crepulja, CEO of Instone, said: 'With this new development project, we are delighted to enhance the surrounding area of Hamburg's HafenCity with a quarter that is attractive and sustainably planned.
'In addition to the Instone project portfolio's already very strong foundations, this acquisition is part of our strategy to grow in Germany's metropolitan regions with additional attractive real estate.'
Instone is also developing 113 owner-occupied properties and 52 student flats in the Eimsbüttel district of Hamburg in a joint venture with Amanda. In January the company announced it had secured three development projects in Potsdam, Hanover and Norderstedt where around 680 apartments are being built, generating a total sales volume of around €265 mln.