CORESTATE is developing yet another Micro Living project in Spain and has meanwhile secured six properties in this asset class with a total volume of around EUR 230 million. The fifth location for the construction of a student apartment house including Barcelona reflects CORESTATE’s dynamic growth strategy on the Iberian Peninsula and in Europe. With the new building project just a few minutes’ walk from the Diagonal-Besòs campus of the Universitat Politècnica de Catalunya (UPC), the company is planning one of the highest quality and best equipped student residences in the city.
Frankfurt, 21 October 2019. CORESTATE Capital Holding S.A. (CORESTATE), a leading independent real estate investment manager in Europe, is developing yet another Micro Living project in Spain and has meanwhile secured six properties in this asset class with a total volume of around EUR 230 million. The fifth location for the construction of a student apartment house including Barcelona reflects CORESTATE’s dynamic growth strategy on the Iberian Peninsula and in Europe. With the new building project just a few minutes’ walk from the Diagonal-Besòs campus of the Universitat Politècnica de Catalunya (UPC), the company is planning one of the highest quality and best equipped student residences in the city.
Lars Schnidrig, CEO of CORESTATE: “We are implementing our European growth agenda as planned and the location in Barcelona represents the next important building block towards achieving European market leadership in the Micro Living asset class. Spain is now a very important core market for us with five concrete projects in the student residential sector, one secure location for business apartments under our JOYN brand and two additional planned properties. Our long-standing activities in this asset class are a key driver of our success. Today, our clients benefit particularly strongly from our great expertise, as we were one of the first investment managers to rely on it more than 10 years ago.”
Barcelona is a tourist magnet and at the same time an educational center for Spain and abroad. Around 12 million tourists visited the region in 2017 and nearly 171,000 students are studying there. According to the QS ranking, Barcelona was among the 30 most popular student cities in 2018. As in many other Spanish university cities, many student residences no longer meet today’s standards and the overall demand for living space is far from being covered by the supply. CORESTATE is meeting precisely this unmet demand with its new modern apartment building, which will be operated under the Youniq brand, starting in 2022.
The property is located near the city beach “Playa de Levante” in Calle Pallars 489 in the dynamic innovation quarter “22@.” It is located directly at a metro station with good traffic connections in the direction of the city center to the campus of the private University Pompeu Fabra, also located in 22@, as well as to the main campus of the University of Barcelona. The property will offer 257 state-of-the-art apartments with 265 beds (total net rental space approx. 4550 m²), 57 parking spaces, co-working areas for external users as well, very spacious community areas with several communal kitchens, two roof terraces, one of which has a swimming pool, and a fitness studio.
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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