The Grounds builds 750 apartments in Magdeburg
The Grounds Real Estate Development has acquired a 38,200-sqm property for development in Magdeburg’s Alte Neustadt district. The company intends to build a city quarter with apartments, condominiums, 120 serviced apartments, 180 assisted living apartments, a day care center, and parking for 600 vehicles. The Grounds has stated that it foresees 750 residential units in all, with a UFA of 40,000–45,000 sqm. The development plan for the project should be adopted by the end of this year. Investment costs of “approx. €10mn, including the purchase price” are expected until then. The Grounds intends to subsequently sell the project, either as a whole or in sections.
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