CORESTATE arranged the purchase last year of seven additional properties, with a total value of some Euro 100 million, for a high-street property fund of Bayerische Versorgungskammer (BVK). With these new investments, the assets of the portfolio, managed by CORESTATE on behalf of BVK, has now reached approx. Euro 800 million, with a total of 97 highstreet retail property holdings throughout Germany. In the current year as well as 2020, the number of property investments is to be further increased as suitable buying opportunities come available.
Frankfurt, 20 February 2019 – CORESTATE Capital Holding S.A. (CORESTATE), a leading European real estate investment manager, arranged the purchase last year of seven additional properties, with a total value of some Euro 100 million, for a high-street property fund of Bayerische Versorgungskammer (BVK). With these new investments, the assets of the portfolio, managed by CORESTATE on behalf of BVK, has now reached approx. Euro 800 million, with a total of 97 highstreet retail property holdings throughout Germany. In the current year as well as 2020, the number of property investments is to be further increased as suitable buying opportunities come available.
“We are delighted that we were able to secure these seven top-notch properties, each with very good return prospects, for BVK over the past year. We are fully confident that we will continue to be able to identify and acquire further attractive properties for BVK in the long term,” says Thomas Landschreiber, co-founder and Chief Investment Officer of CORESTATE.
The acquired properties are located, among other cities, in Hameln, Moers, Schwanewede and Bremen. The properties have a combined leasable area of 50,000 sq.m. and an average lease term of eight years. They are all in premium locations of pedestrian zones of the respective cities, with tenants including such major German and international retails as C&A, Combi, dm, Müller and H&M. The acquisitions are fully in line with the fund’s investment strategy, which centres on commercial properties in prime locations within medium-sized cities throughout Germany.
With assets under management of more than Euro 77 billion, BVK is among the largest institutional investors in Germany. CORESTATE has been serving as an investment manager and asset manager to the company since 2016. In addition to the commercial property portfolio, CORESTATE also manages a micro-living portfolio on behalf of BVK, comprised of student apartment buildings with a current value of some Euro 720 million and an agreed target size of Euro 1.2 billion.
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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