Corpus Sireo invests in Bonn
Corpus Sireo Real Estate, part of Swiss Life AM, has acquired the commercial properties on the west.side site in Bonn from project developer Instone.
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Corpus Sireo Real Estate intends to independently develop around 40,000 sqm of gross floor area on the land in Bonn. The parties have agreed not to disclose the purchase price. With the west.side project, a new urban quarter is being created on a 60,000 sqm former industrial site in Bonn-Endenich. It will comprise 520 apartments and 42,000 sqm of commercial space.
Following the creation of building rights for the entire site, the sale of the commercial properties to Corpus Sireo represents a further milestone in the development of the neighborhood. In May 2018, 275 rental apartments had been sold to Bayerische Versorgungskammer. The construction of around 275 condominiums marks the completion of the neighborhood development. Site development work started in March, and construction on the first phase of rental apartments is scheduled to begin in the fourth quarter of 2018. According to planning, almost 85 percent of all apartments will be handed over by the end of 2021.
Anett Barsch, Managing Director of Corpus Sireo Real Estate's Development division, says: "The west.side neighborhood concept is convincing in its future viability and will therefore be a key driver for our commercial project development."