German institutional landlord Leg Immobilien has acquired 104 residential units under construction from Instone Real Estate Development in an asset deal.
Financial details were not disclosed.
The package of apartments, which comprise the first phase of the Wohnen im Hochfeld district in Dusseldorf-Unterbach, includes 16 publicly subsidised units, 66 affordable homes, and 22 privately financed units. In addition, the deal includes a children's day care centre and a range of smaller commercial units in the neighbourhood development project.
'We are delighted that this partial acquisition of the Wohnen im Hochfeld project will see us continuing our state-wide new-build offensive in the direct vicinity of Unterbacher See in Dusseldorf,' said Axel Felke, CEO of Leg investment subsidiary Leg Solution.
'The proportion of subsidised and reasonably priced apartments in the package demonstrates our commitment to social responsibility and the fact that we will be able to offer inexpensive apartments even in rental markets under strain. As a reliable and highly experienced developer, Instone stands for the high quality of the project,' Falke added.
Stefan Dahlmanns, COO for North Rhine-Westphalia at Instone Real Estate Development, said: 'The early sale of this sub-project is a positive indicator for the entire neighbourhood development, and an important milestone for us. With Leg, we have a trusted and long-term-oriented partner at our side. This will also greatly benefit the quality of the residential neighbourhood going forward.'
In addition to thhe Wohnen im Hochfeld neighbourhood, Instone is also developing and building the Niederkasseler Lohweg 20 residential project in Dusseldorf.