Dortmund: Instone and Immowerk develop former Siemens site
Instone has acquired the vacant former office building of Siemens-Nixdorf in Dortmund’s Gartenstadt (Max-Eyth-Straße 2) and intends to build a new quarter with about 30,000 sqm GFA on the site, most of which will be apartments. The seller is Frankfurt-based Immowerk, who bought the roughly 17,200 sqm lot from Alstria last year and will remain involved in the project as a minority shareholder. Instone is anticipating a sales volume of about €100mn. The listed company is planning to start construction in 2021, after building rights have been secured and the existing structure has been demolished.
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