”The development of qualitative and affordable rental units is an important and growing part of our business. This combined with the substantial demand in the German housing market, where an estimated 400,000 new housing units need to be built each year for the next ten years, creates many opportunities for us, and is in line with our strategy to increase our business in the German market,” says Joachim Hallengren, President and CEO, Bonava.
Of the 71 rental apartments, 55 apparments are dedicted to Berlins new model for people with lower incomes. The area which Bonava is devloping is a part of Schöneberg and is close to green areas but also to the pulse of the inner city, with Berlin only 20 minutes away by public transport.
The project is expected to be handed over to the customer and recognised in profit in the second quarter of 2020.