Properties were developed in the joint venture and completed according to plan
PHI Kronsrode GmbH, a joint venture between INDUSTRIA Immobilien and HIH Real Estate, has sold two recently completed new construction projects in Hanover-Kronsrode to Catella Investment Management. A total of 154 residential units are spread over the two properties, including 102 privately financed and 52 subsidized units. These will be supplemented by six commercial units and a daycare center. The total lettable area comprises around 12,000 square metres, and the properties are built to KfW 55 standards. The purchase price is over 50 million euros. Construction of both properties began in the first quarter of 2023, with completion of the property on construction site A6 in November 2024, and that of the property on A9 in March 2025.
Arnaud Ahlborn, Managing Director of INDUSTRIA Immobilien GmbH, comments: "I am very pleased about the completion and successful sale of the new construction project in Kronsrode. In view of the crisis and the difficult market environment for project developments, we can be very proud of this achievement. The team from PHI, INDUSTRIA Immobilien and HIH Real Estate did a very good job."
Manuel Richter, Senior Project Developer at HIH Real Estate, adds: "The two residential projects were completed on schedule; so we can now provide the market with the living space it needs. Sustainably built new-build properties are in high demand – we implemented and completed the sales process in a short time."
The Kronsrode district development is the largest residential construction project in the state of Lower Saxony. A total of between 3,500 and 4,000 residential units will be built on 53 hectares. The residential quarter is located on the southeastern outskirts of Hanover, about eight kilometers from the city center. The new quarter is directly connected to the city centre with the light rail line 6.
Kronsrode is divided into the three independent residential districts North, Central and South. The three building plots acquired by PHI Kronsrode GmbH are located in Kronsrode Nord. The two sales reported here are the properties on the A6 and A9 construction sites.
