Instone Real Estate, one of Germany’s leading residential developers, and R+V Lebensversicherung AG will be collaborating in the “S‘Lederer” neighbourhood development in Schorndorf. Well before construction work even started, R+V Lebensversicherung AG, one of Germany’s biggest insurance companies, acquired the 228 residential units, 197 underground parking spots and 35 surface parking spots within the framework of a forward deal. It was agreed not to disclose the selling price. The project’s completion is scheduled for 2023.
The acquisition by R+V Lebensversicherung AG is part of the further expansion of a national portfolio of residential property holdings in and around economically strong regions. The group’s efforts in this context focus on the acquisition of turn-key new-build construction projects and on existing large-scale housing estates and portfolios. The GWG Group, which specialises in residential real estate, was contracted to take care of the real estate acquisition and the portfolio’s ongoing management. Based in Stuttgart, the GWG Group is a subsidiary of R+V.
The project in Schorndorf involves the development of attractive rental flats of one to five bedrooms, 4 townhouses and 18 loft apartments on the 1.3-hectare brownfield of the former Breuninger leather goods factory. In addition, up to 4 commercial units with a combined footprint of around 1,200 square metres will be created along Heinkelstrasse. Construction is scheduled to start in the spring of 2020.
Andreas Engelhardt, the CEO of GWG AG, commented: “By acquiring this project in the current competitive market environment, we were able to secure another highly attractive neighbourhood development in the Stuttgart metropolitan region via an off-market transaction on behalf of our client R+V Lebensversicherung AG. Moreover, we have a very strong partner by our side in Instone Real Estate Group, which will develop this complex project to the highest professional standard.”
Bianca Reinhardt Weith, in charge of Instone’s business in Baden-Württemberg, stated: “This transaction is another important milestone for our project. In R+V Lebensversicherung AG and the Stuttgart-based GWG Group who represents it, we found a great and reliable partner to team up with us for this residential neighbourhood development. The keen interest in the development and the new partnership with a permanently committed property asset holder shows that we are raising a highly attractive quarter in a great location.”
Andreas Gräf, the COO of Instone Real Estate, elaborated: “Schorndorf lies only about 26 kilometres east of Stuttgart and therefore inside one of the economically strongest regions of Germany. Schorndorf is an attractive city with great public transport links, offering modern and urban living options within the metropolitan region. The supply in residential accommodation falls well short of demand. We are helping to build up the housing supply with more than 220 flats.”
Source : Instone Real Estate