CORESTATE and Universal-Investment have completed the acquisition of a micro living apartment building in Berlin for the “BVK Residential Europe Immobilienfonds CORESTATE” real estate fund. This institutional fund (“Spezialfonds”) – jointly founded in October 2016 by Bayerische Versorgungskammer (BVK), one of Germany’s largest institutional investors, together with CORESTATE and based on the platform of Universal-Investment as the Capital Management Company – invests primarily in micro apartments, including especially modern student accommodations in European university cities. Driven by strong demand, the fund’s target size has already been raised to around Euro 1.2 billion. Under the terms of the transaction, the purchase price has not been announced.
Thomas Landschreiber, Co-Founder and Chief Investment Officer of CORESTATE: “This micro living property acquisition demonstrates once again that we are consistently able to seek out suitable investment opportunities in the best locations and to react to the needs of our clients with sustainability-based solutions tailored to specific investor requirements. Having established ourselves many years ago as one of the pioneering providers in the growth market micro living, we are today able to offer a unique platform for this asset class that allows us to create solutions for our clients with good long-term returns.”
The micro apartment complex with a plot size of approx. 2,100 sq.m., is being built and furnished to high standards, with 183 apartments providing total rentable space of 4,200 sq.m. The property will also include attractive communal spaces, as well as ample bicycle parking and storage boxes. Thanks to its prime location in the “Berlin-Mitte” borough, close to local train station “Jannowitzbrücke” and Underground train station “Heinrich-Heine-Strasse”, residents can bicycle to nearby locations such as Humboldt University and Alexanderplatz in just a few minutes.
Completion of property construction is scheduled for the beginning of September 2019. A team from Jones Lang LaSalle (JLL) advised CORESTATE on the property acquisition.
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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