Outlook for 2017

We have planned a comprehensive neighborhood development program for our estate in Berlin-Tegel, which consists of around 1,100 units. This 1950s development is currently largely in the same condition as when it was first built. With Lake Tegel, Tegel Forest and the Schlosspark country house park, Tegel has a very high recreational value. Transportation connections and local infrastructure are likewise outstanding.

Over the next six years or so, Vonovia will invest around € 100 million in this development. At the heart of this estate we are planning a modern senior citizens’ residence, which will be managed by a well-known social agency.

The existing buildings will be comprehensively renovated, thus reducing energy requirements and improving the quality of life for our tenants. Through additional new modular buildings (see Affordable Housing Thanks to Serial and Modular Construction) we will mainly create family apartments, which are now in great demand but currently not provided for in this development. A third of these newly built apartments will likely be price-controlled and rented out to low-income tenants.

Here too, the residential environment is a core aspect of our neighborhood development program. We will cordially invite our tenants to participate in the process of developing their neighborhood. For instance, we aim to improve the parking space situation and to increase the level of safety through additional lighting and fences. The living environment will be enhanced through target group-oriented sports areas and playgrounds, meeting places and art projects.