Hamburg: Instone buys €180mn residential project in Rothenburgsort
Instone Real Estate has acquired a residential project from Deutsche Immobilien on Kanalstraße in Hamburg-Rothenburgsort near Hafencity. The two lots totaling roughly 15.700 sqm will be home to 45,000 sqm floor space for 750 units, including micro-apartments and social utilizations in addition to privately financed and subsidized apartments. The ground floor spaces are earmarked for retail and restaurants. Instone is expecting a sales volume of about €182mn for the project now called Eastside. Construction is scheduled to start in the summer of 2020 and be completed about two years later. Deutsche Immobilien had run an urban planning competition jointly with Urban Future Development and advanced a still-ongoing development process. The plans are provided by Schenk & Waiblinger.
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