CORESTATE acquires a micro living project in Vienna, Austria, from UBM Development AG in a “Forward Funding” deal structure. Completed in spring 2019, the project will feature 131 fully furnished micro apartments and offer extensive services.
CORESTATE Capital Holding S.A. (CORESTATE), a fully integrated investment manager and co-investor based in Luxembourg, acquires a micro living project in Vienna, Austria, from UBM Development AG in a “Forward Funding” deal structure.
Completed in spring 2019, the project will feature 131 fully furnished micro apartments and offer extensive services. The plot is located in the new district “Quartier Belvedere Central”, an urban development concept of office, residential and Hotel properties in the direct vicinity of Vienna’s main station. UPARTMENTS Real Estate GmbH, a CORESTATE subsidiary, will be responsible for the management of the project.
This is the third project CORESTATE realizes in Austria’s capital. In autumn 2015, CORESTATE opened the development project “Linked Living”, which was the largest housing estate for students in Vienna with 589 fully furnished micro-apartments. For a recently launched serviced apartment fund with a target volume of at least Euro 200 million, CORESTATE has invested in one of three residential towers of the new construction project “TRIIIPLE”.
Thomas Landschreiber, Chief Investment Officer of CORESTATE: “We continue to focus on the mega trend urbanization. We were early movers in the area of student housing in Germany and we are today the most active market player when it comes to investments in the asset class of micro living. Our projects in Austria show a high demand from international investors. An expansion into European markets was not planned so far, but we will definetely begin to do so. Already today we have a promising pipeline in these markets.”
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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