Instone buys resi plot in Dortmund for €100m scheme

Instone Real Estate is making inroads in Dortmund, most recently through the acquisition of a 17,200 sqm plot of residential land with the potential to deliver a gross floor area of around 30,000 sqm. The property is located in the city's Gartenstadt district, which is a quality location. The plot was sold by an affiliated company of Immowerk GmbH. Instone puts the anticipated sales volume at a total of approximately €100m and expects construction work to start in 2021. The neighbourhood development will start directly with the drafting of the planning consent. “We see a lot of potential in this location," said Andreas Gräf, CDO of Instone Real Estate. "We are planning to deploy our experienced North Rhine-Westphalia team to make a noticeable difference on Dortmund’s housing market with a large-scale but well-considered neighbourhood development. The growth strategy that we pursue as a leading listed residential developer is perfectly complemented by this acquisition.”