The Grounds gains joint venture partner for Börde Bogen project development in Magdeburg
- Stonehedge acquires 51% stake
- Around 67,882 m2 of gross floor area
- Attractive location with excellent infrastructure
Berlin, 22.12.2021 – The Grounds Real Estate Development AG (The Grounds / ISIN: DE000A2GSVV5) concluded a contract today for the sale of a majority holding of 51% percent of the shares in the project company for the Börde Bogen project development in Magdeburg. The purchaser of the shares is Stonehedge SHG 1. Beteiligungs GmbH in Berlin, which will implement the project in future together with The Grounds as a joint venture partner.
In the coming years, the construction of buildings with a gross floor area of around 67,882 m2 is planned on seven building sites on the plot of land totalling 39,145 m2 on Sieverstorstrasse / Ansbacher Strasse.
Jacopo Mingazzini, Management Board of The Grounds, says: “The fact that we were able to gain an equally experienced joint venture partner, Stonehedge, for the Börde Bogen project documents the attractiveness of the location and of the project, which benefits equally from its favourable location to the north of Magdeburg’s old town and from the good infrastructure. We will invest the proceeds from the sale in the further growth of The Grounds.”
The Grounds Real Estate Development AG
Arndt Krienen/Jacopo Mingazzini, Management Board
Charlottenstrasse 79-80, 10117 Berlin, Germany
Tel.: +49 (0) 30 2021 6866
Fax: +49 (0) 30 2021 6849
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.