Stuttgart: BVK buys 250 Instone apartments
Bayerische Versorgungskammer (BVK) has acquired the residential part of the project “Stuttgart City Prag – Wohnen im Theaterviertel” before the commencement of construction. This will comprise 250 residential units, 24 of which will be subsidized rental apartments, on 18,000 sqm of living space. The seller is Instone. The transaction is being carried out as an asset deal. The 8,700 sqm project site will also hold an office building, a daycare center, and 262 underground parking spaces in addition to the apartments. Instone says that it has received the building permit for the project. Construction is scheduled to start in the spring of 2019 with completion in 2022.
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