The Grounds Real Estate Development AG signs sales contract for Magdeburg micro-apartment block project, contributing to sales revenue and earnings in the second half of the current year 2019.
Berlin, 30 September 2019. Only a few days after the sale of the major Terminal 3 project in Zeppelinheim, The Grounds Real Estate Development AG (ISIN DE000A2GSVV5) can now report another completion. Shares in the planned micro-apartment block at No. 1 Halberstädter Strasse in Magdeburg have now also been sold in the context of a share deal.
The building permit application for the micro-apartment block comprising 174 residential units, preferably for use by students, was submitted a few weeks ago. Project completion is scheduled for late summer 2021. The parties agreed to keep the buyer’s identity and purchase price confidential.
Transfer of rights and obligations, and thus also the inflow of the proceeds from the sale, will already take place in the current 2019 financial year. Thus preparations and activities in the first half of 2019 are now having a positive effect, whereas sales revenues and results in the period, as expected, are below those of the previous year. The Grounds will publish details in the context of its half-yearly report.
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.