- Project development with 64 residential units in Magdeburg
- Attractive location with excellent infrastructure
- Completion planned for June 2024
Berlin, 26 April 2022 – The Grounds Real Estate Development AG (The Grounds / ISIN: DE000A2GSVV5), only around eight months after first documentation in August 2021, has concluded the purchase contract for the last residential unit still available in the “Property Garden” project at Halberstädter Strasse 153 / 155 in Magdeburg.
The project’s total living area amounts to 3,578 m2. In addition to the residential building, a generously-sized green space with a play area will be created on the development plot in the inner courtyard. The characteristic features of the new apartment block are its modern, clear architectural language, attractive window fronts, airy balconies and geometrical contours. At the same time, it blends harmoniously into the streetscape with the existing late 19th century style buildings.
Jacopo Mingazzini, Managing Director of The Grounds, says: “Following the ‘Lenné District’, our ‘Property Garden’ project is the second project in Magdeburg that we have fully sold in a very short time. While the building’s shell in the ‘Lenné-Quartier’ has now already been constructed, the first preparatory work on the construction site of ‘Property Garden’ is currently underway. Completion is scheduled to take place in June 2024. Our positive assessment regarding the development of Magdeburg has thus been confirmed for a second time. The state capital of Sachsen-Anhalt is not only an important political, economic and cultural centre, but also a richly traditional university and college city. Intel’s decision, announced a few weeks ago, to establish a new chip factory with around 10,000 jobs here from 2023 will further strengthen this location and it emphasizes its attractiveness even beyond Germany’s borders. We look forward to further projects in Magdeburg, for example in our ‘Börde Bogen’ building plan development that will follow soon.”