Land use plan for Instone residential project in Dusseldorf approved, next phase initiated

- Dusseldorf City Council passes land use plan for the "Wohnen im Hochfeld" neighbourhood development project

- 360 apartments including subsidised and reasonably priced living space, a children's day care centre and commercial units

- Instone submits first building permit applications and commences infrastructure measures

Essen/Dusseldorf, 23 January 2020: The land use plan for the "Wohnen im Hochfeld" housing project in Dusseldorf-Unterbach has been approved by the Dusseldorf city council. The residential developer, Instone Real Estate, will realise a total of 360 residential units on the site of approximately 55,000 square metres. In addition to rental and condominium apartments, as well as townhouses for a variety of different user groups, the plans also provide for a day care centre with five groups of children and a range of commercial spaces.

The newly-established land use plan entered into force upon the publication of the resolution in the official gazette of the State Capital of Dusseldorf. With this, the zoning process, carried out in close collaboration and partnership with the State Capital of Dusseldorf, was brought to a successful conclusion as early as at the end of 2019.

Dusseldorf's strategic housing action plan will also be implemented within the framework of the so-called integrated district development. Of the apartments, 20% will be publicly subsidised. A further 20% are planned as reasonably priced living space.

Cornelia Zuschke, Councillor for Planning, Construction, Mobility and Real Estate Activities in Dusseldorf, stated: "We are delighted that the new development has now been adopted and that the infrastructure measures for this important residential project can now get underway. The revitalisation of this site will play a vital role in covering the urgent need for living space in Dusseldorf."

Stefan Dahlmanns, COO for North Rhine-Westphalia of Instone Real Estate Development GmbH, said: "Thanks to the positive and trustful cooperation with the City of Dusseldorf, we have succeeded in completing the planning process for this complex project. This land use plan is the basis for a residential district with a high standard of urban design. Furthermore, the implementation of Dusseldorf's strategic housing action plan contributes to the provision of a balanced mix of housing."

Work on the infrastructure facilities, as well as public development measures, such as sewers, supply services and roads, will start at the beginning of February. The construction design works for the urban district, which is to be carried out in multiple construction phases, are already in full swing. The relevant building permit applications for the first development sites have recently been submitted to the authorities.

About Instone Real Estate (IRE)

Instone Real Estate is one of Germany's leading residential developers and is listed in the SDAX. The company develops attractive multi-family and residential buildings as well as publicly subsidized housing, designs modern urban quarters and refurbishes listed buildings for residential use. Buyers are mainly owner-occupiers, private investors intending to buy and let, and institutional investors. In over 28 years, Instone Real Estate successfully developed more than one million square metres. Around 360 employees work at nine locations nationwide. As of 30 September 2019, the company's project portfolio comprised 52 development projects with an expected total sales volume of roughly 5.4 billion euros and more than 12,000 units.

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