Instone acquires site in Leipzig for development of 210 flats

Instone Real Estate has acquired a 9,400 sqm development plot in Leipzig. The residential developer plans to build up to 210 flats on the site, for which it expects to generate sales of €70m. The parties have agreed to not disclose the purchase price. Torsten Kracht, CSO of Instone Real Estate Group, says that Leipzig has been prospering in recent years. "The population is constantly growing, and is set to rise from 590,000 inhabitants today to up to 722,000 inhabitants in 2030," says Kracht. "In order to ensure enough residential space is created, around 60,000 new homes need to be built by 2030, according to a municipal forecast. We are able to make a small contribution to this with our latest ventures in Leipzig." Construction is set to begin in 2020.