The Grounds Real Estate Development AG acquires 161,000 m² of land at Lake Zwischenahn to develop a recreation area
- "Lakeside Living” – Acquisition in a prime location. A mix of residential buildings, a hotel, holiday homes and leisure areas in the midst of a protected landscape at Bad Zwischenahn health resort
- Construction of apartments in the officers’ mess (a listed building) and on the associated seminar area is planned
Berlin, 31 July 2018 – The Grounds Real Estate Development AG (ISIN: DE000A2GSVV5) has signed a purchase contract for six plots of building land with a total area of 160,900 m² in Bad Zwischenahn health resort (around 17 km west of Oldenburg). In consultation with the city council, a holiday/recreation area is to be constructed on the protected landscape area directly alongside Lake Zwischenahn. The plan is to erect multi-storey residential buildings (approx. 20,000 m² of living area) including parking bays and underground car parks and a 4- to 5-star hotel with approx. 120 suites and rooms, together with 35 holiday homes (living area approx. 2,500 m²) along with sports and leisure areas. In addition, The Grounds has also acquired the former officers’ mess (a listed building) directly alongside Lake Zwischenahn, including the associated seminar areas. These buildings will be retained and a housing development constructed inside them.
The characteristic aspects of Bad Zwischenahn, the largest municipality in the Ammerland rural district of Lower Saxony and a state-recognised health resort also called the “Pearl of Ammerland”, are tourism and healthcare. The main attraction is Lake Zwischenahn with its water-sports facilities and network of cycling and walking trails around the lake. The plots of land acquired are located in the Elmendorfer Road area in the Rostrup district of the town northwest of the town centre, on the part of the previous airfield site formerly used by the military. The buildings, partly listed, originate from here.
Commenting on the portfolio expansion, new Management Board Chairman Thomas Prax said: “We look forward with pleasure to implementing this very exciting and extensive development project on Lake Zwischenahn. This acquisition underlines the fact that the corporate strategy is being pursued consistently even after the change of major shareholder.”
Depending on the final adoption of the development plan, which is expected by mid-2019 at the latest, The Grounds currently expects a total investment volume of around EUR 92 million.
The Grounds Real Estate Development AG
Management Board Chairman
Leipziger Platz 3, 10117 Berlin
T. +49 (0) 30 2021 6866
F. +49 (0) 30 2021 6849
Haus der Wirtschaft, Kapstadtring 10
T. +49 (0) 40 6378 5410
F. +49 (0) 40 6378 5423
Acquisition, project development and sustainable residential property management
The Grounds Group focuses on buying and developing residential property and, as a full-service provider for the business areas Investment (including property and asset management), Development and Trading, they have made it their goal to provide affordable living space for different life stages. The emphasis is on residential property, particularly also special real estate such as student and retirement living in German metropolitan regions and attractive locations such as aspiring outskirts in Germany. As a portfolio holder their medium-term aim is to establish a significant high quality real estate portfolio at a magnitude of EUR 500 million through investments and in-house development, allowing stable profits together with attractive dividend payments to The Grounds shareholders. The Grounds seeks to position themselves as one of the leading German real estate companies by creating added value within the scope of housing development and subsequent development of market capitalisation.