DGAP-News: Vonovia SE / Key word(s): Real Estate
14.12.2016 / 15:52
The issuer is solely responsible for the content of this announcement.
Vonovia Completes First Series-Production Multi-Unit Dwelling in Bochum
- Modular technique reduces construction time
- Company invests EUR 1.6 million
- Entry into series construction
- 14 apartments in Bochum-Hofstede
Bochum, December 14, 2016 - Vonovia is creating new, affordable housing in Bochum. The Company has completed its first series-built residential unit with a modular construction in the Hofstede district of the city. On Insterburger Strasse, 14 new, turnkey apartments are now ready following a construction period of just three months.
With Bochum's Mayor, Thomas Eiskirch, in attendance, Vonovia today unveiled the project to the public. "I am delighted that Vonovia has launched this innovative pilot project here in Bochum. Expanding the supply of affordable housing, particularly for families, is a high priority for the city and one that we support," said Thomas Eiskirch.
"Creating affordable living space in central locations is the most pressing challenge facing the real estate industry in Germany," explains Rolf Buch, CEO of Vonovia SE. "We want to lead the way in this area with good ideas and we are delighted that we have now provided evidence of the effectiveness of modular, series construction for the first time."
Vonovia will continue to roll out its program of new construction. In November, the Company decided on an investment program in the amount of EUR 1 billion for 2017. This will focus on new construction, moves to add extra stories to existing buildings and improvements to existing building stock.
The term 'modular' means that the three-story building was erected at the construction site using standardized elements that were transported there in a lowboy trailer. As a result, the construction period was shortened, thus reducing disruption to residents. "We attach great importance to a good neighborhood spirit and try to consider the needs of local residents during and after the construction phase," said Rolf Buch.
The building is a wood-hybrid structure with a total of 45 wooden modules. The construction firm is Modulbau Lingen, and planning was handled by Vonovia in conjunction with Essen-based architects Koschany + Zimmer Architekten KZA.
In total, the building comprises 14 senior- and family-friendly apartments with two to four rooms and ranging from 44 to 88 square meters, with all apartments boasting either a balcony or a terrace. Five of the apartments are accessible, with one suitable for wheelchair users.
In total, Vonovia is investing EUR 1.6 million at the site.
"The new building is situated on a free area in the existing development on Insterburger Strasse. This means that the required infrastructure is already in place. This is cheaper than building on greenfield sites," explained Rolf Buch. "Building in series does not mean a lack of imagination, however: We use modular construction methods, but we adapt the planning to fit the respective location. We want to take a holistic approach to developing our neighborhoods."
Vonovia currently manages more than 7,500 apartments in Bochum.
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Vonovia SE is Germany's leading nationwide residential real estate company. Vonovia currently owns and manages around 338,000 residential units in all of Germany's attractive cities and regions. Its portfolio is worth approximately EUR 24 billion. An additional 60,000 or so third-party apartments are also managed by Vonovia. As a modern service company, Vonovia focuses on customer orientation and tenant satisfaction. Offering tenants affordable, attractive and livable homes is a prerequisite for the company's successful development. Accordingly, Vonovia makes long-term investments in the maintenance, modernization and senior-friendly conversion of its properties. The company will also be creating more and more new apartments by realizing infill developments and adding on to existing buildings.
The company, which is based in Bochum, has been listed on the stock exchange since 2013 and on the DAX 30 since September 2015. Vonovia SE is also listed on the international indices STOXX Europe 600, MSCI Germany, MSCI Germany, GPR 250 and EPRA/NAREIT Europe. Vonovia has a workforce of 7,100 employees.
Approval: Regulated Market/Prime Standard, Frankfurt Stock Exchange
Common code: 094567408
Registered headquarters of Vonovia SE: Münsterstrasse 248, 40470 Düsseldorf, Germany
Business address of Vonovia SE: Philippstrasse 3, 44803 Bochum, Germany
This press release has been issued by Vonovia SE and/or its subsidiaries solely for information purposes. This press release may contain statements, assumptions, opinions and predictions about the anticipated future development of Vonovia ("forward-looking statements") that reproduce various assumptions regarding results derived from Vonovia's current business or from publicly available sources that have not been subject to an independent audit or in-depth evaluation by Vonovia and that may turn out to be incorrect at a later stage. All forward-looking statements express current expectations based on the current business plan and various other assumptions and therefore come with risks and uncertainties that are not insignificant. All forward-looking statements should not therefore be taken as a guarantee for future performance or results and, furthermore, do not necessarily constitute appropriate indicators that the forecast results will be achieved. All forward-looking statements relate solely to the day on which this press release was issued to its recipients. It is the responsibility of the recipients of this press release to conduct a more detailed analysis of the validity of forward-looking statements and the underlying assumptions. Vonovia accepts no responsibility for any direct or indirect damages or losses or subsequent damages or losses, as well as penalties that the recipients may incur by using the press release, its contents and, in particular, all forward-looking statements or in any other way, as far as this is legally permissible. Vonovia does not provide any guarantees or assurances (either explicitly or implicitly) in respect of the information contained in this press release. Vonovia is not obliged to update or correct the information, forward-looking statements or conclusions drawn in this press release or to include subsequent events or circumstances or to report inaccuracies that become known after the date of this press release.
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