The Grounds and Deutsche Habitat have entered into a joint venture for residential property project development in Blankenfelde-Mahlow
- The Grounds acquires a 51 percent stake from Deutsche Habitat GmbH
- Realisation of around 32,000 m2 gross floor area planned in three construction phases
- Start of construction of 1st construction phase planned in 4th quarter of 2022 and completion in 1st quarter of 2024
- Attractive surrounding area near Berlin Brandenburg Airport with very good infrastructure
Berlin, 9 June 2022 – The Grounds Real Estate Development AG (The Grounds / ISIN: DE000A2GSVV5) acquired a 51 percent stake in a project development in Blankenfelde yesterday. The seller of the shares is Deutsche Habitat GmbH from Berlin, which will realise the project in the future together with The Grounds as a joint venture partner. The project development comprises a total investment volume of more than EUR 100 million. 186 three-story residential units with a gross floor area (GFA) of around 32,000 m2 are to be built on the 56,245 m2 site over the next few years.
Torsten Hollstein, Managing Director of Deutsche Habitat GmbH, says: “The fact that we were able to win The Grounds as an experienced partner for the Blankenfelde-Mahlow project documents the attractiveness of the location and the project.” The building site is characterised by its very good transport links by public transport and road network, as well as a good local infrastructure. A school, child day-care centre and shopping facilities for local supplies are located in the immediate vicinity. Berlin is easily accessible from here by public transport or by car.
Arndt Krienen, Managing Director of The Grounds, says: “Above all, the proximity to Berlin Brandenburg Airport, the transport links and the existing infrastructure speak in favour of the purchase of the building plot. The purchase is an important milestone for our further growth. We are seamlessly continuing our strategy of implementing residential project developments in attractive locations in the surrounding area of Berlin – following the sale of 34 semi-detached houses in Erkner at the beginning of the year.”