CORESTATE is launching its new open-ended Special-AIF “CORESTATE Residential Germany III fund” (CRG III). Following the full placement of CRG II in January 2019, CORESTATE now continues the successful series. The fund’s investment focus will be on new-built residential properties in major metropolitan areas and thriving cities throughout Germany. The institutional fund, with a target volume of Euro 300 million, seeks to generate ongoing distributions of at least 4% p.a.
Frankfurt, 26 February 2019. CORESTATE Capital Holding S.A. (CORESTATE), a leading European real estate investment manager, is launching its new open-ended Special-AIF “CORESTATE Residential Germany III fund” (CRG III). Following the full placement of CRG II in January 2019, CORESTATE now continues the successful series. The fund’s investment focus will be on new-built residential properties in major metropolitan areas and thriving cities throughout Germany. The institutional fund, with a target volume of Euro 300 million, seeks to generate ongoing distributions of at least 4% p.a.
“The demand for high-quality residential space remains strong. These assets thus offer attractive potential returns to investors. We currently manage more than 53,000 residential units on behalf of our clients and have placed roughly Euro 3.73 billion of investor capital into residential properties since our inception. Our proven long-term track record and the success of the predecessor funds support our decision to launch the next vehicle in this successful series.” says Thomas Landschreiber, Co-Founder and Chief Investment Officer at CORESTATE.
The first project has already been acquired for the fund, a new residential construction in Dresden at the intersection of `An der Elbaue and Flösserstrasse´. The total investment amount in the forward deal is approx. Euro 49 million. The residential complex, with almost 15,000 sq.m. of total GLA, will include 179 high-quality residences, 3 commercial units and 145 underground parking spaces. The project is constructed in an attractive area of Dresden on the north side of the Elbe River with very good local transport, shopping and recreational infrastructure. The project, which is scheduled for completion in the second quarter of 2019, was acquired from Townscape One Development.
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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