429 rental apartments are being built on a plot of around 14,000 square metres in the heart of Augsburg. The residential developer Instone Real Estate (‘Instone’), which operates throughout Germany, celebrated the topping-out ceremony yesterday. The entire project was sold turnkey to PATRIZIA, a leading partner for global real assets, at the end of 2021 as part of a forward deal. The parties have agreed not to disclose the purchase price.
Andreas Zeitler, Instone Branch Manager Bavaria: ‘We are delighted that the project is progressing according to plan, as our “Augusta und Luca” neighbourhood will create urgently needed rental apartments. At the same time, we are taking sustainability criteria into account in line with our corporate strategy and are therefore aiming for DGNB silver certification. In addition, all residential units in the quarter meet the KfW 55 efficiency house standard. We are proud to contribute to the meaningful revitalisation of the former loading yards with our first construction project in Augsburg.’
With the ‘Augusta and Luca’ project, Instone is realising eight buildings with compact 1- to 3-room apartments and over 400 underground parking spaces. The façade and finishing work for the turnkey rental apartments in the immediate vicinity of the main railway station is already in full swing. Completion is planned for 2024.
