Dietmar Reindl has acquired from Immofinanz co-ownership of On Top Living, an affordable and sustainable concept for adding modular wooden superstructures to existing, single-storey buildings. Reindl, a former executive board member at Immofinanz and was heavily involved in the development of the concept. He presented it not only at MIPIM, but at a World Climate Conference gathering.
Financial details of the agreement have by agreement not been revealed, but both parties (Reindl and Immofinanz) have the right to deploy the project. In practice, says Reindl, Immofinanz is likely to concentrate on its core products, so he’ll probably be the one actually deploying the concept. In the initial stages, he expects the concept to be implemented on buildings whose zoning enables the construction of additional storeys. In other words, opportunities that require only a construction permit.
The sustainable aspects of the idea area clear. To begin with, rather than building on greenfield land, investments will focus exclusively on existing structures. That means that along with not saving untouched land, the embedded carbon of the existing structure will be retained rather than tearing the building down and beginning again. Additionally, the new portion of the structure will consist of a renewable resource (wood). “I think everybody has to do what they can so that we keep this goal of maximum warming of 1.5 degrees Celsius, which I’m afraid the world is starting to give up on,” Reindl told ThePrime. “I think we have to fight for it, and this is what I can do.”
He says the On Top Living’s flexible modular concept could potentially be used to create a multiplicity of functions, from housing, to retail to schools. He’s open to working with a wide variety of partners and investors.
“The opening of usage rights for sustainable and affordable housing on standing investments for Dietmar Reindl, who initiated and pursued this project in his function as a former member of the Immofinanz Executive Board, is an important step in the implementation of our portfolio strategy in the current challenging environment,” explains explained Radka Doehring, Executive Chairwoman of Immofinanz. “At the same time, we can support the further development of this innovative residential concept independent of Immofinanz and, in this way, create access to affordable and sustainable housing for as many people as possible. We see this step as a win-win situation for our company, our fellow human beings and the environment.”
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