German residential developer Instone Real Estate has secured three development projects in Germany which will create around 680 new apartments in Potsdam, Hanover and Norderstedt.
Financial details were not disclosed, but the listed company said the schemes should generate a combined sales volume of €265 mln.
'In an exciting market environment, we succeeded in securing attractive new property developments in cities with positive demographic forecasts,' said Kruno Crepulja, CEO of Instone. 'The communicated target for the year 2018 of acquiring projects with a future sales volume of between €900 mln and €1 bn was even exceeded.'
The projects include a property in Potsdam with a plot area of more than 10,000 m2 and secured a development project in Hanover with a plot area of around 22,000 m2. These acquisitions have lately been supplemented with a new-build construction in Norderstedt near Hamburg with a plot area of around 20,000 m2.
Accordng to the firm, the most recent additions have raised the total sales volume of Instone's current pipeline to €4.5 bn, some €1.2 bn of which has been acquired since the beginning of 2018.