CORESTATE has acquired a micro apartment complex in Cologne-Deutz for the special BVK-Residential Europe real estate fund of Bayerische Versorgungskammer (BVK). BVK is one of the largest institutional investors in Germany. The core property under development has a total investment volume of approx. EUR 60 million.
Frankfurt, 28 August 2019. CORESTATE Capital Holding S.A. (CORESTATE), a leading independent real estate investment manager in Europe, has acquired a micro apartment complex in Cologne-Deutz for the special BVK-Residential Europe real estate fund of Bayerische Versorgungskammer (BVK). BVK is one of the largest institutional investors in Germany. The core property under development has a total investment volume of approx. EUR 60 million.
Philipp Rohweder, Director Investments at CORESTATE: “Ten years ago, we were one of the first to discover the potential of this now independent asset class Micro-Living in Germany and have been actively involved in shaping this growth market ever since. Today, our clients benefit from our many years of expertise in this segment over the entire value creation cycle of their real estate.”
The project was developed by Objektgesellschaft Gummersbacher Straße, led by Peter Schmitz, in cooperation with karzelwillkarzel architects, Cologne acting as general planner. The selling process was managed by Catella.
By 2021, 163 furnished student apartments with a total of 220 beds and 6,112 m² of living space will be finished in the first construction phase. In addition, there will be common rooms, parking spaces for cars and bicycles. In the second construction phase, an additional 13 unfurnished apartments with slightly more than 1,000 m² of living space and a day-care center for children with around 800 m² of usable space is planned.
The residential complex is located in the immediate neighborhood of the Technical University and has excellent transport infrastructure via public transit and long-distance traffic. The exhibition grounds and Cologne city center are just a few minutes away. One of the special features of the apartment building is its photovoltaic system, which meets the high requirements for the “KfW Efficiency House 40 Plus” standard. The selling process was managed by Catella.
The Corestate brand “Linked Living,” which offers high-quality, furnished student and business apartments under one roof in prime locations in Germany and Austria, is the operator of the property. Besides properties in Hamburg and Vienna, another Linked Living location will soon be opened in Berlin.
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.
About Bayerische Versorgungskammer:
Bayerische Versorgungskammer is the competence and service center for occupational and communal pension schemes and Germany´s largest pension scheme group under public law. As a public authority of the Bavarian Ministry of the Interior, it is the joint executive body of twelve liberal professions´ and communal pension schemes. Bayerische Versorgungskammer covers about 2.3 million insured persons in total, with contributions of € 4.8 billion and € 3.4 billion pension payments annually. It currently has € 77 billion assets under management and 1,315 employees.
About Objektgesellschaft Gummersbacher Straße GmbH
The Objektgesellschaft develops, plans and realizes real estate projects in the Rhine Area. Focus are primarily on residential and retail. Relevant locations are identified, acquired, developed and sold.
About karzelwillkarzel architects
karzelwillkarzel architects Part gmbB is a founders-managed, mid-sized architect firm with offices in Cologne and Bornheim, focusing on education and residential buildings and working in all service phases. When it comes to larger projects, karzelwillkarzel as general planner acts with a rehearsed team of specialized planners out of Cologne region.
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