CORESTATE Capital Holding S.A. (“CORESTATE”), a fully integrated real estate investment manager and co-investor, sells Austria’s largest student housing asset to a fund vehicle launched on the fund platform of Universal-Investment on behalf of Bayerische Versorgungskammer as part of the new real estate umbrella funds platform. The institutional fund primarily focusses on micro apartments, especially in student housing properties in European university towns.
The asset is located in Vienna, Austria, in direct vicinity of the Vienna University of Economics and Business campus. The newly built asset features 589 units, a lettable area of 17.718 sqm plus 57 underground parking spots. The annual net rental income is approximately Euro4m. One year after opening, the occupancy rate lies at 98%.
Thomas Landschreiber, CIO of CORESTATE: “With close to 600 apartments on 11 floors, this asset is considered the largest student housing project in Austria. Vienna’s dynamic residential market provides the perfect environment for our investment and for our business model in the segment of micro apartments.”
About CORESTATE Capital
CORESTATE is an investment manager and co-investor with around € 28 billion in assets under management. The company sees itself as a manager for the entire length of the real estate value chain. Thanks to its fully integrated real estate platform, it is able to offer investors a wide range of services, especially the opportunity to invest in large-scale societal trends such as urbanisation, demographic shifts or sustainability – trends that will continue to have a decisive influence on the living and working environment in the long term. The consistent focus on asset classes that will be successful in the long run constitutes a central cornerstone of the company strategy. At CORESTATE, all concepts are supported with ESG expertise that is unique to the industry. With some 800 experts, CORESTATE offers clients and investors a full range of services and consultation from a single source, from project financing and real estate management to sales. CORESTATE is listed on the Frankfurt Stock Exchange (SDAX) and operates as a respected business partner for institutional and semi-institutional investors as well as high-net-worth private investors in 13 countries across Europe, with offices in Frankfurt, Vienna, Zurich, Paris, Madrid and London.
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