The Grounds Real Estate Development AG acquires land close to the new Tesla Gigafactory
The Grounds Real Estate Development AG has acquired almost 10,000 sqm of land close to the new Tesla Gigafactory in Erkner/Hohenbinde, which is currently under construction. This site is in the area of a legally binding land-use plan and can be developed with approximately 4,500 sqm of residential space.
Tesla plans on manufacturing electric cars with up to 12,000 employees at the Gigafactory in Grünheide, which is currently under construction, starting in summer 2021. Since the decision to move to Tesla’s new location, Grünheide and the surrounding area have therefore increasingly become the focus of investors and interest in real estate in this region has increased considerably in a very short period of time.
By acquiring this piece of land in eastern Berlin, The Grounds is thus participating in the robust regional growth in demand for housing in the short and medium term and is continuing to implement its strategic approach of concentrating land and project developments for residential use.
Jacopo Mingazzini, Managing Director of The Grounds: “With this acquisition, we are implementing our strategy of investing and building to a greater extent in the Berlin suburbs. Starting next year, up to 12,000 people will work in the Tesla Gigafactory less than 2 km away from our site. The demand for living space will increase tremendously in the surrounding area. We’ll be able to satisfy a small part of this demand in a timely fashion at our site.”
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