Hines Acquires Development Site in Berlin
- Sep 29, 2016
Berlin, Germany—Hines has acquired Wohnpark Südkreuz, a 231,424-square-foot residential development in the Schöneberg district of Berlin, Germany.
“This project will provide contemporary living in one of the world’s metropolises— apartments of various sizes, plus high-living comfort for everyday needs,” Christophe Reschke, Hines’ senior managing director, told MHN. “Hines has a reputation of intelligent real estate investment. The firm invests in various sustainable asset categories and has broad experience worldwide, which includes residential sites.”
This marks the firm’s first private rental sector development project in Germany.
“Berlin has an annual increase of 40,000 inhabitants, as well as single households,” Reschke said. “In the city, there is a high demand for residential sites, especially for rental apartments.”
The plan is to create 530 rental apartments of different sizes, totaling 570,487 square feet—ranging from micro-apartments, generously proportioned family units, all the way to subsidized apartments.
The development will be situated near the main-line Südkreuz train station and is in walking distance to the city rail and subway stations Schöneberg and Innsbrucker Platz. The A100 autobahn is also in the immediate vicinity.
In addition, Hines will develop a commercial component that will cater to residents’ everyday needs, along with a day care center and units for age-appropriate living.
Additionally, the community will provide e-bikes to increase livability and quality of life for residents, and communal areas will be created where people can gather for a neighborhood barbecue or to play sports.
The residential complex is targeted for a mid-2019 completion.
Hines was advised in the acquisition by Pöllath + Partners.
Rendering courtesy of Hines