Upon completion of the current conversion works on site, the asset will comprise 70 modern and self-contained serviced apartment units.
CORESTATE Capital Holding S.A. (CORESTATE), a fully integrated investment manager and co-investor based in Luxembourg, is investing in a serviced apartment building in Düsseldorf, Germany. Upon completion of the current conversion works on site, the asset will comprise 70 modern and self-contained serviced apartment units.
The plot currently houses two office buildings. The redevelopment consists of their conversion into a modern and high-quality serviced apartment building, by adding a central structure. The property is located in the center of Düsseldorf, benefitting from its proximity to the city’s main high street Königsallee, the central station as well as from its vicinity to the banking district. The asset enjoys access to various shopping amenities and is well-connected to public transportation via the central station and several underground stations. Düsseldorf’s trade fair, airport, the Medienhafen district and the city’s lively old town with its various leisure facilities and cultural events are easily accessible.
Thomas Landschreiber, Co-founder and CIO of CORESTATE: “Due to its strong economy and high attractiveness and living quality, Düsseldorf has developed a large and consistent demand for serviced apartments. This project is a unique opportunity for investors to benefit from the city’s fast-growing demand for serviced living. At the same time, CORESTATE will extend its existing management platform with an innovative and under-developed asset class.”
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.
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.
