Additional Projects of Various Dimensions

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We are also undertaking numerous activities in other regions in order to maintain or restore the livability of neighborhoods.

In Bremen, for around 18 months now, we have been pursuing the ongoing development of the Swiss Quarter in Bremen-Osterholz in partnership with the city. We have already invested € 3.3 million in this neighborhood of 1960’s era apartments over the past year. This has improved the entire area. The energy-efficient renovation work, rehabilitated green spaces, freshly painted facades and renovated windows in 250 units as well as the sustainable development of this neighborhood have clearly improved the quality of life. In 2017, further investments will follow with a volume of € 2.3 million for the energy-efficient renovation of the remaining 186 apartments.

Following this neighborhood development work, the Swiss Quarter will offer a home for people from every generation and of every nationality.

The “Nördliche Zollvereinstrasse” neighborhood with around 1,000 apartments is located in Essen’s Katernberg district, in the immediate vicinity of the “Zollverein” UNESCO World Heritage Site. Vonovia owns more than half of these apartments. Vonovia’s cooperation with the city of Essen and with two further residential real estate companies focuses on social work in the local neighborhood, motivating residents to get involved, and implementing investment measures.

In the African Quarter in Berlin-Wedding, we are currently implementing the energy-efficient modernization of our apartment buildings which were constructed in the 1970s, which will deliver high energy savings and a significant improvement in the quality of life for our tenants. Our tenants are a special feature of this development. In no other development do we have such loyal tenants: Roughly every other tenant has been with us for more than 30 years. We are proud of this and aim to further enhance this development in the interests of our tenants. Most of our tenants in this neighborhood are older citizens. For this reason, we are installing features in our buildings such as wide and self-opening electric front doors and modern lifts. We are supplementing our modernization measures with a new building, which will mainly consist of affordable, senior-friendly apartments.

The Johannstadt neighborhood in northern Dresden is undergoing strong demographic change. In the period up to November 2017, Vonovia will invest around € 15 million here in the refurbishment of a 10-story building comprising around 200 units. 40 new apartments will also be created as part of this work. Moreover, within the scope of Dresden’s “social city” initiative and with the involvement of an advisory board drawn from the local neighborhood, a green and open space is to be designed to which the general public will have access and will be able to use. This project consists of four construction phases and will continue until 2018, with a total volume of about € 1.3 million. The city of Dresden is providing approx. € 350,000 of this amount.

In Bielefeld, Vonovia we will be pursuing a holistic neighborhood development program over the next few years in the southern district of Sennestadt. This work will focus on completely modernizing around 280 apartments to make them more energy efficient, and adding extra stories to existing buildings. We are also extensively investing in the residential environment, so that this 1950s neighborhood once again becomes a lovable and lively place.

We are likewise active in northwest Dortmund, in Dortmund Westerfilde: In this 1970s neighborhood, the modernization of heating systems, renovation of balconies and a concierge solution are core aspects of our holistic neighborhood development plans. This building work will be accompanied by further social activities in the neighborhood.

The modernization of these two neighborhoods in Bielefeld and Dortmund is being implemented as part of the “Better Living – Energy-Efficient Renovation Plus” initiative launched by the housing ministry of North Rhine-Westphalia, with public funding covering around a third of the total investment volume; Vonovia is thus contributing to the goal of creating affordable housing in North Rhine-Westphalia. The cities of Bielefeld and Dortmund are participating in these projects and supporting them through urban development commitments.