Deutsche Wohnen AG plans to invest between €350 million and €400 million for the development of approximately 1,400 flats in Potsdam, Germany, Property Investor Europe reported, citing a company statement.

The company and the City of Potsdam signed a deal for the plan, which will involve the redevelopment of the former barracks in the city's Krampnitz district and the construction of the new flats. Deutsche Wohnen plans to develop the flats on a 140-hectare site.

Potsdam's Lord Mayor Jann Jakobs said the Krampnitz district redevelopment will help provide new affordable housing in the city, according to the March 29 report.