UBM Development breaks ground on Berlin housing project

UBM Development has broken ground on the ‘Thule48’ residential project in the Pankow district of Berlin. In collaboration with the construction company Porr, the developer is building 78 condominiums totaling approximately 4,800 square meters of living space. The project is the final stage of the ‘Immergrün’ residential quarter and is expected to be completed by spring 2028.

The new units, ranging from 44 to 106 square meters, are priced at an average of 8,700 euros per square meter. Total construction costs are estimated to be in the high hundreds of millions of euros. According to UBM Development, approximately 30 percent of the apartments were sold prior to the start of construction.

Alongside this development, UBM Development is managing capital measures to optimize its maturity profile. The company is placing a five-year green bond (2026–2031) with a 7 percent annual coupon. The bond has a base volume of 50 million euros, which can be increased to up to 100 million euros via an upscaling option. Existing bondholders have until October 16 to exchange their current securities for the new green bond.