CORESTATE has fully raised all equity for the club deal fund “Highstreet VIII,” invested in the last three properties and successfully closed the fund. The portfolio with a target volume of Euro 250 million now comprises five retail properties. Following the first two investments in Rostock and Sindelfingen last year, three properties in Garbsen, Nordhorn and Schwenningen have now been acquired
Frankfurt, 16 April 2019. CORESTATE Capital Holding S.A. (CORESTATE), a leading European real estate investment manager, has fully raised all equity for the club deal fund “Highstreet VIII,” invested in the last three properties and successfully closed the fund. The portfolio with a target volume of Euro 250 million now comprises five retail properties. Following the first two investments in Rostock and Sindelfingen last year, three properties in Garbsen, Nordhorn and Schwenningen have now been acquired.
“With Highstreet VIII, we have closed our ninth high street club deal within 5 years. This demonstrates the significant investor demand for attractive alternatives to the usual concepts focused on big cities. The figures speak for themselves, with a total of 150 retail properties in outstanding locations in German mid-sized cities, with a total investment volume of more than Euro 2 billion, have been successfully acquired across the whole series,” says Tobias Gollnest, Managing Director of Investments at CORESTATE.
The five properties in the Highstreet VIII portfolio have a total area of around 112,000 m². The anchor tenants include well-known companies such as Deichmann, Edeka, Müller, Rewe and New Yorker. The average lease term of this portfolio is more than 8 years, with an occupancy rate of c. 98%.
Lars Schnidrig, CEO of the CORESTATE Group, adds: “With a forecast return of around 6% p.a., the portfolio offers our clients an excellent investment opportunity in the fast-growing medium-sized German cities. At the same time, this underscores our market access in this product Group.”
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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