The Grounds Real Estate Development AG buys two apartment blocks in Berlin
Berlin, 16 September 2020 – The Grounds Real Estate Development AG (The Grounds/ISIN: DE000A2GSVV5) has acquired two apartment blocks in Berlin Pankow. The properties, already divided according to the WEG (German Condominium Act), were built in 1997 and contain 24 apartments, each with 1,858 m2 of living area, and 16 underground parking spaces. Commercial transfer will take place within the current year, and selling-off is scheduled for completion by the end of 2021.
Jacopo Mingazzini, a member of the Management Board of The Grounds, says: “This acquisition is our entry into the creation of a residential property portfolio in the Berlin metropolitan region. Another property with 48 apartments in Lower Saxony has already been sold to the extent of 60%. Other properties in the whole of Germany will follow. In addition to our core business, namely the development and new building of properties in the residential economy, the formation of a property ownership portfolio is designed as another mainstay of our operative business.”
The Grounds Real Estate Development AG
Arndt Krienen /Jacopo Mingazzini, members of the Management Board
Leipziger Platz 3, 10117 Berlin, Germany
Tel.: +49 (0) 30 2021 6866
Fax: +49 (0) 30 2021 6849
About The Grounds
The Grounds Group implements housing projects in German metropolitan regions. The Grounds Group also holds a steadily growing residential portfolio in fixed assets. The Grounds Real Estate Development AG is listed in the high-end open market segment of the primary market on the Düsseldorf stock exchange (ISIN: DE000A2GSVV5). Its headquarters are in Berlin, and it has an office in Stuttgart.