Instone Real Estate Group N.V.: Topping out of the Heeresbäckerei project: Instone builds around 350 apartments in Leipzig

Topping out of the Heeresbäckerei project: Instone builds around 350 apartments in Leipzig

- After completing the shell, the residential developer is completely on schedule

- Almost all of the apartments have now been sold

- Scheduled to be ready for occupancy at the end of 2019

Essen/Leipzig, 16 August 2018: Instone Real Estate has celebrated the topping-out of its Heeresbäckerei project in Leipzig. A total of 347 condominiums are planned for the roughly 36,500-square-metre historical site in the Gohlis district, of which 245 will be apartments in an old, refurbished building, and 102 will be new-build apartments. The residential quarter should be ready for occupancy in late 2019. The listed residential developer is completely on schedule with the progress of its construction activities.

Andreas Rühle, COO of Instone Real Estate for the Saxony region, says: "As planned, when we began construction, we had already sold a large percentage of the apartments, taking into account the proportion of apartments in the protected older building structure. At the time of the topping-out, we have now almost completely sold out. Huge demand from capital investors and owner-occupiers are testament to the project's huge appeal."

Torsten Kracht, CSO of Instone Real Estate Group, adds: "With the Heeresbäckerei, we are realising Leipzig's largest current residential project, creating new, urgently required residential space. At the same time, this unique construction project stands out due to the way that it combines modern and historic architecture in an urban residential environment. This is where we can put our expertise in the realisation of exciting revitalisation projects and contemporary residential concepts to excellent use."

The Heeresbäckerei is being developed in Leipzig's former barracks quarter. The location to the north of the city centre is characterised by its many parks and excellent infrastructure.

About Instone Real Estate (IRE)

Instone Real Estate is one of Germany's leading residential developers. Instone develops modern urban multi-family and residential buildings and refurbishes listed buildings for residential use. Instone develops and markets flats for owner-occupiers, private investors and institutional investors. In 27 years, we have successfully developed more than one million square metres. Around 300 employees work at eight locations nationwide. As of 31 March 2018, Instone's project portfolio consisted of 45 development projects with an expected total sales volume of around EUR 3.4 billion and more than 8,000 units. Since February 2018 Instone has been listed in the Prime Standard at the Frankfurt Stock Exchange.

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Email: instone@rueckerconsult.de