Berlin: Vonovia to build 600 new apartments in Reinickendorf
Vonovia has plans to completely redesign the “Ziekowkiez” quarter in Berlin’s Reinickendorf district. The real estate company intends to construct between 500 and 600 new apartments as well as modernize 1,100 apartments from the 1950s, according to a joint press release with the district. Plans also include the construction of a day care center, improvements to infrastructure, and a new grocery retailer. A total of around €140mn is to be invested. Vonovia and the district have now started a dialogue and participation process with Ziekowstraße-area residents. It has been agreed that there will be no rent increases for five years after completion of the modernization measures and that a rent increase after that will not exceed €1.75/sqm. This obligation is unique in Berlin, says Reinickendorf’s district mayor Frank Balzer.
Subscribers to our premium service have access to this article in full as well as to an additional 510,000+ news items: all filterable by topic, company, asset class, city or keyword. In TD Premium you can search for investment deals, leases, current project developments and company news with pinpoint accuracy.
TD Premium is Germany’s leading property information tool that interconnects news, transactions, project data, market and company information in a unique and flexible system.