Schönhof Quarter in Frankfurt: Nassauische Heimstätte purchases additional turnkey apartments from Instone Real Estate

DGAP-Media / 30.10.2019 / 08:30 Schönhof Quarter in Frankfurt: Nassauische Heimstätte purchases additional turnkey apartments from Instone Real Estate Contract signed for the acquisition of around 210 apartments, a student hostel and a day care centre / High proportion of subsidised housing Frankfurt am Main/Essen, 30 October 2019: It is the next step in the development of Schönhof Quarter in Frankfurt-Bockenheim: Nassauische Heimstätte | Wohnstadt (NHW) has acquired two building plots from its project partner, the publicly listed residential developer Instone Real Estate. The contract for the turnkey purchase was signed by representatives from both companies in Munich at EXPO REAL, the world's largest real estate fair. The project, which involves the construction of around 210 apartments, a student hostel with about 175 rooms, and a four- to five-group day care centre on a gross floor area of about 26,500 square meters, will be realised on the southeastern edge of the development. The parties have agreed not to disclose the purchase price of the transaction. Proportion of subsidised housing at 60 to 65 percent Dr. Constantin Westphal, managing director in charge of acquisition, project development and real estate management at Nassauische Heimstätte, emphasised the social component: "The high proportion of subsidised housing of 60 to 65 percent at these two sites allows us to create around 130 additional subsidised apartments and increase NHW's overall proportion of subsidised housing at Schönhof Quarter to around 45 percent." Ralf Werner, Head of the Rhine-Main Branch at Instone Real Estate, commented: "The residential construction market in Frankfurt, with its exemplary large-scale projects and mixed-use developments, among which Schönhof Quarter is of special note, is characterised by strong partnerships. Instone and Nassauische Heimstätte have shared the same vision for the former Siemens site from the beginning. We are extremely delighted, as we were during the Da Vinci Garden project in Frankfurt-Rebstock, to be selling turnkey to Nassauische Heimstätte. If everything goes according to plan, we could start building at Schönhof Quarter in 2021." There are plans for the building plots purchased by NHW to also offer short-term student accommodations. NHW is in negotiations with Studentenwerk Frankfurt am Main and other providers in this regard. An operator for the day care centre has not yet been determined. All buildings will be constructed to the KfW 55 energy standard. With this turnkey acquisition, Nassauische Heimstätte strengthens its involvement in Schönhof Quarter in addition to its 50% development activities and increases its commitment from the previous gross floor area of around 113,000 square metres to a gross floor area of approximately 140,000 square metres. Including the short-term student accommodations, this corresponds to about 1,200 to 1,700 residential units. Originally, around 1,000 apartments had been planned. Project partners want high architectural diversity Schönhof Quarter is being built in a location where administrative buildings, production halls, fallow land and parking lots had defined the cityscape for years. Nassauische Heimstätte | Wohnstadt and Instone Real Estate are jointly developing the project on the former Siemens site and the adjoining land purchased in Frankfurt-Bockenheim. In 2018, in coordination with the city of Frankfurt, the two partners prepared the development of the first two building plots with a Europe-wide architectural competition. In June 2019, the architect firms Karl Dudler Architekten from Frankfurt and Planquadrat from Darmstadt were chosen to design the eastern residential development, including the two building plots of the turnkey purchase. Overall, the project partners are striving for a high level of architectural diversity and quality for Schönhof Quarter. The goal is to develop a lively mix of subsidised housing, privately financed rental apartments and owner-occupied flats. About Instone Real Estate (IRE) Instone Real Estate is one of Germany's leading residential developers and is listed in the SDAX. The company develops attractive residential and multi-family buildings as well as publicly subsidized housing, designs modern urban quarters and refurbishes listed buildings for residential use. Buyers are mainly owner-occupiers, private investors with the intention of letting and institutional investors. In 28 years, Instone Real Estate has successfully developed more than one million square metres. Around 330 employees work at eight locations nationwide. As of 30 June 2019, Instone Real Estate's project portfolio comprised 47 development projects with an expected total sales volume of roughly EUR 5.1 billion and more than 11,500 units. Nassauische Heimstätte | Wohnstadt Group of Companies The Nassauische Heimstätte | Wohnstadt group of companies with registered offices in Frankfurt am Main and Kassel has provided end-to-end services in the areas of housing, construction and development for the past 95 years. It has a workforce of around 730 employees. With about 58,000 rental flats in 128 cities and communities, it counts among Germany's leading housing companies. The Frankfurt regional centre has around 19,800 flats under management, thereof 16,000 directly in Frankfurt. For the purpose of performing sustainable urban development tasks, the company pools areas of competence under the "ProjektStadt" brand. Approximately 1.9 billion euros are earmarked for investments in the new-build construction of flats and capital expenditures towards portfolio properties by 2023. Another 4,900 flats are to be created over the next five years.   Press Contact Instone Real Estate c/o RUECKERCONSULT GmbH Michael Lippitsch Wallstrasse 16 D-10179 Berlin Tel.: [phone] Fax: [phone] E-mail: [e-mail] Nassauische Heimstätte Wohnungs- und Entwicklungsgesellschaft mbH Jens Duffner (Press Officer) Schaumainkai 47 D-60596 Frankfurt am Main Tel.: [phone] Fax: [phone] www.naheimst.de E-mail: [e-mail] End of Media Release Issuer: Instone Real Estate Group AG Key word(s): Real estate 30.10.2019 Dissemination of a Press Release, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de

Language:	English
Company:	Instone Real Estate Group AG
	Grugaplatz 2-4
	45131 Essen
	Germany
Phone:	[phone]
E-mail:	[e-mail]
Internet:	www.instone.de
ISIN:	DE000A2NBX80
WKN:	A2NBX8
Listed:	Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange
EQS News ID:	899549

End of News	DGAP Media

899549  30.10.2019