- 27 new residential units sold
- New building in the courtyard area and loft conversion in the portfolio
- Ongoing residential unit construction projects in Magdeburg also on schedule
Berlin, 24 April 2024 –The Grounds Real Estate Development AG (The Grounds / ISIN: DE000A2GSVV5) has sold all the residential units in its re-densification project on Margaretenstrasse in Berlin-Lichtenberg. A total of 27 new owner-occupied apartments will be created on the plot in Weitlingkiez, which The Grounds acquired in summer 2022. Construction work is scheduled for completion in summer 2024.
23 residential units will be created in a newly-constructed building in the courtyard area of the plot; a further four units will be created by an attic conversion in the existing portfolio building. Thanks to its location in a quiet side street, the property offers a high quality of living. It is part of an urban neighbourhood characterised by numerous Wilhelminian-style buildings, which has become increasingly popular in recent years and is very well connected to the public transport network.
Jacopo Mingazzini, Management Board of The Grounds, says: “We are delighted that our offer has met with keen interest from buyers, even though the market environment during the marketing period was by no means easy due to occasional great uncertainty and rising interest rates. The complete sale of all residential units within less than 18 months and simultaneous successful completion of our two residential construction projects in Magdeburg show that residential construction also works in a rather tough environment if the location, quality and layout correspond to the demand.”
The “Property Garden” new-build project in Magdeburg was completed and handed over before Easter. The residential units had already been fully sold before construction began. The “LennéQuartier” project, with around 180 residential units, had already been handed over and fully let last year. Here again, all residential units had been sold before construction began.
