CORESTATE acquired the micro-living asset “WOODIE”, which includes 371 student housing units, in Hamburg, Germany. This asset was purchased for the real estate umbrella fund, which was launched on the Luxembourg AIF-Platform of Universal-Investment on behalf of Bayerische Versorgungskammer (BVK).
CORESTATE Capital Holding S.A. (CORESTATE), a fully integrated investment manager and co-investor based in Luxembourg, acquired the micro-living asset “WOODIE”, which includes 371 student housing units, in Hamburg, Germany. This asset was purchased for the real estate umbrella fund, which was launched on the Luxembourg AIF-Platform of Universal-Investment on behalf of Bayerische Versorgungskammer (BVK).
The student residence was completed in autumn 2017 and comprises a total rental area of 7.700 sq.m. – spread over 371 apartments, two shared utility rooms and two commercial units.
The asset, a seven-storey hybrid building constructed of reinforced concrete and wood, is located in Hamburg Wilhelmsburg, a new urban quarter on the Elbinsel island south of the city centre. The 20-sq.m. apartments are completely made of wood. Due to the flexible floor plan, the building can easily be used for alternative purposes.
Thomas Landschreiber, CIO of CORESTATE: “WOODIE is already the 12th asset we have acquired for our BVK fund. Taking over long-term management of the attractive properties in the vehicle strengthens our business model and raises our profile as a manager to investors.”
UPARTMENTS Real Estate GmbH, a CORESTATE subsidiary, will be responsible for the Property Management.
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.
Forward-looking statements
This press release may contain forward-looking statements. Forward-looking statements are all statements that are not historical facts and events. This applies wherever there is information about future financial profitability, plans and expectations with regard to the company, growth and profitability as well as economic conditions to which the company is exposed. Statements using the words „should“, „may“, „will“, „believes“, „expects“, „assumes“, „assumes“, „estimates“, „plans“, „believes“, „to the knowledge“, „estimates“ or similar expressions indicate such forward-looking statements. Forward-looking statements are based on current estimates and assumptions made by management to the best of their knowledge. Such forward-looking statements are based on assumptions and factors and are subject to uncertainties, the non-occurrence or occurrence of which may cause the actual circumstances, including the Company’s net assets, financial position and results of operations, to differ materially from or be more negative than those expressly or implicitly assumed or described in these statements. Certain forward-looking statements, while appropriate at this time, may prove to be incorrect. Various known and unknown risks, uncertainties and other factors could cause the forward-looking statements, actual results, financial position, development or performance of the Company to be materially different from those expressed or implied by such statements. Therefore, the Company and its management cannot be held responsible for the actual occurrence of the forecasted developments. It should be noted that the Company assumes no obligation to update such forward-looking statements or to conform them to future events or developments.
