CORESTATE has bought the student residence “Reserl” in Munich in an asset deal from developer STRABAG Real Estate GmbH. The property will become part of the real estate umbrella fund launched on the Luxembourg AIF platform by Universal-Investment on behalf of German pension fund Bayerische Versorgungskammer (BVK).
CORESTATE Capital Holding S.A. (CORESTATE), a fully integrated property investment manager and co-investor based in Luxembourg, has bought the student residence “Reserl” in Munich in an asset deal from developer STRABAG Real Estate GmbH. The property will become part of the real estate umbrella fund launched on the Luxembourg AIF platform by Universal-Investment on behalf of German pension fund Bayerische Versorgungskammer (BVK).
The property offers close to 6,300 sq.m. of residential space. Apart from 271 student apartments, it also includes an organic supermarket and a gastronomy unit with a combined space of 785 sq.m. The student apartments were opened in autumn last year; full completion of the asset took place in February 2018.
Reserl is located directly at the underground station Brudermühlstrasse in Munich’s Sendling district. Both the inner city as well as the Ludwig-Maximilians-University are 15 minutes away.
Thomas Landschreiber, CIO of CORESTATE: “A possible alternative use and the flexible design was already incorporated during the conception phase of the building. The apartments can be partitioned and individually billed and can thus easily be privatised. With its experience in student and micro-living, CORESTATE is able to tackle and implement these kinds of new concepts.”
“With the transaction, we benefited from the tense Munich housing market and the central location of the property as well as from the development of a modern living concept”, says Rainer M. Schäfer, managing director of STRABAG Real Estate, highly pleased with the deal.
UPARTMENTS Real Estate GmbH, part of the CORESTATE Group, will operate the residence.
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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