Listed German residential specialist Estavis has divested a 7,860 m2 plot of land in the Alt-Hohenschonhausen district of Berlin.
Listed German residential specialist Estavis has divested a 7,860 m2 plot of land in the Alt-Hohenschonhausen district of Berlin.
The vacant plot is the last development site to be held by Estavis. The sale reflects the German company’s new business strategy, which will see it concentrate solely on the acquisition and management of housing units.
The development site was acquired by project developer Townscape One for €22 mln. Jebens Mensching advised the buyer and the deal is underwritten by HSH Nordbank.
Construction on the site is schedule to start in June 2013. Plans call for the development of approximately 10,300 m2 of residential floor space across five building sections.
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