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The Grounds continues expansion in Berlin’s outskirts with another purchase

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The Grounds continues expansion in Berlin’s outskirts with another purchase

  • Acquisition of 27 apartments and 12 garages in Fürstenwalde
  • Properties are being taken into the fixed assets of The Grounds

Berlin, 29.03.2021 – The Grounds Real Estate Development AG (The Grounds / ISIN: DE000A2GSVV5) has continued its expansion in Berlin’s outskirts with another purchase of residential property in Fürstenwalde. On the plot measuring around 14,000 m2 and acquired from a private vendor, there are two almost structurally identical apartment blocks with a total of around 1,550 m2 of living space distributed between 27 two- and three-room apartments. The plot also contains twelve garages and several outdoor parking spaces.

The two fully cellared three-storey residential buildings each have two entrances, and were erected in solid stone-built construction in 1964. Modernisation measures between 1996 and 2000 included extensive insulation work, among other things, and the heating installations and  windows of the apartments were replaced. A photovoltaic system was also installed in 2009.

The plot is situated only a few metres from the city boundary of Fürstenwalde. The Grounds intends to hold the property in its own fixed assets and possibly to utilise the densification potentials arising from the generously-dimensioned plot size at a later date if appropriate.

Jacopo Mingazzini, a member of the Management Board of The Grounds, says “We are delighted that after the acquisition of a residential park in Bernau in January, and only around two weeks after our purchase in Eberswalde, we were again able to acquire a residential park in the outskirts of Berlin for our fixed assets. Whereas residential building in Berlin has stagnated for years, the surrounding area is enjoying demand growth, stimulated equally by the housing shortage in Berlin and by economic stimuli in Berlin’s affluent suburbs. Tesla’s siting in Grünheide and the opening of the new airport in Schönefeld are examples of this, each of which will lead to further companies locating in the area and will ensure a corresponding housing demand  in the region.”

Fürstenwalde is the most densely populated city in the Oder-Spree district, as well as being an important economic and administrative centre. The city has numerous shopping facilities, restaurants and medical establishments, day nurseries, schools and cultural offerings. Both the Berlin Ring Road (A10) and Germany’s capital are quickly reached via the A12 autobahn running in an east-west direction quite nearby. These, combined with Federal Highway 168 running north-south, ensure the location’s outstandingly good regional and supra-regional transport links. From here, BER Airport and the newly-emerging TESLA Gigafactory are just as easy to reach as Bad Saarow and Lake Scharmützelsee.

Company contact:
The Grounds Real Estate Development AG
Arndt Krienen/Jacopo Mingazzini, Board Members
Charlottenstrasse 79-80, 10117 Berlin, Germany
Tel.: +49 (0) 30 2021 6866
Fax: +49 (0) 30 2021 6849

Investor Relations:
Ingo Janssen, Managing Director
Haus der Wirtschaft, Kapstadtring 10
22297 Hamburg, Germany
Tel.: +49 (0) 40 6378 5410

Public Relations:
Peter Dietze-Felberg
Wallstrasse 16
10179 Berlin, Germany
Tel.: +49 (0) 30 284 49 87 62

About The Grounds
The Grounds Group realises housing projects in German metropolitan regions. In addition, The Grounds Group holds a steadily growing residential portfolio as fixed assets. The Grounds Real Estate Development AG is listed in the Düsseldorf Stock Exchange’s OTC segment Primärmarkt (ISIN: DE000A2GSVV5), has its seat in Berlin and an office in Stuttgart.