EQS-News

The Grounds announces the sale of all residential units in its “Maggie” project in Berlin-Lichtenberg

EQS-News: The Grounds Real Estate Development AG / Key word(s): Real Estate The Grounds announces the sale of all residential units in its “Maggie” project in Berlin-Lichtenberg 24.04.2024 / 08:45 CET/CEST The issuer is solely responsible for the content of this announcement. The Grounds announces the sale of all residential units in its “Maggie” project in Berlin-Lichtenberg

• 27 new residential units sold
• New building in the courtyard area and loft conversion in the portfolio
• Ongoing residential unit construction projects in Magdeburg also on schedule

Berlin, 24 April 2024 –The Grounds Real Estate Development AG (The Grounds / ISIN: DE000A2GSVV5) has sold all the residential units in its re-densification project on Margaretenstrasse in Berlin-Lichtenberg. A total of 27 new owner-occupied apartments will be created on the plot in Weitlingkiez, which The Grounds acquired in summer 2022. Construction work is scheduled for completion in summer 2024.

23 residential units will be created in a newly-constructed building in the courtyard area of the plot; a further four units will be created by an attic conversion in the existing portfolio building. Thanks to its location in a quiet side street, the property offers a high quality of living. It is part of an urban neighbourhood characterised by numerous Wilhelminian-style buildings, which has become increasingly popular in recent years and is very well connected to the public transport network.

Jacopo Mingazzini, Management Board of The Grounds, says: “We are delighted that our offer has met with keen interest from buyers, even though the market environment during the marketing period was by no means easy due to occasional great uncertainty and rising interest rates. The complete sale of all residential units within less than 18 months and simultaneous successful completion of our two residential construction projects in Magdeburg show that residential construction also works in a rather tough environment if the location, quality and layout correspond to the demand.”