Kingstone Re Acquires Mixed-Use Building

KINGSTONE Real Estate (KINGSTONE RE) has acquired a mixed residential/retail building in the town of Well am Rhein from BPD (Bouwfonds Immobilienentwicklung).

The development consists of 48 publicly subsidised rental apartments plus c. 1,100sq m in retail area. The transaction took the form of a forward deal and comprises a plot of land of around 3,290sq m and the building’s turn-key construction. Construction work will start before the end of the first quarter of 2025, with the completion scheduled for year-end 2026.

The development site is located at the corner of Hauptstrasse and Riedlistrasse. The 48 apartments, which have between two and four rooms and which range from 55sq m to 100sq m in size, are spread across three upper floors and the attic. Moreover, residents will have the use of an underground car park with 39 spots. Another 33 surface parking spots are allocated to the commercial units. The roof will be surfaced with gravel packing and extensive greening to tie down particulates, to harvest rainwater and to facilitate natural climate control with its insulating properties.

Dr. Tim Schomberg, Managing Partner and Co-Founder of KINGSTONE RE, commented: “We are pleased to say that we managed to acquire the fourth piece of real estate for our fund within a relatively short period of time. We have been seeing strong demand among institutional investors.”