CORESTATE has acquired its first Spanish property for its JOYN brand business apartments in Madrid. A total of 10 JOYN properties will be operational at top locations in Europe under our service accommodation brand by 2023.
Frankfurt, December 4, 2019. CORESTATE Capital Holding S.A. (CORESTATE), a leading independent real estate investment manager in Europe, has acquired its first Spanish property for its JOYN brand business apartments in Madrid. A total of 10 JOYN properties will be operational at top locations in Europe under our service accommodation brand by 2023.
Spain is already a core market for CORESTATE with six defined projects in the micro living sector, five of which are student housing. Additional micro living properties are in the process of being acquired. The total volume on the Iberian Peninsula is today c. EUR 230 million. The new building project is to be placed as part of a club deal. The seller is Metrovacesa, the leading real estate developer in Spain with a 100-year tradition in the development and sale of privately owned homes and commercial projects.
Lars Schnidrig, CEO of CORESTATE: “The implementation of our European growth strategy is increasingly gaining momentum. Our successful activities in the attractive Spanish market underscores our position as the European market leader within the micro living asset class. We were one of the first investment managers to focus on this asset class, taking the lead in its European development, with a result we now have a very strong Pan European market position that increasing numbers of capital partners are wishing to partner with us across our micro living platform. This also includes excellent access to attractive acquisition properties. We have now taken an important first step towards a strategic partnership for our customers by working with Metrovacesa, which currently has the largest portfolio of liquid properties in Spain.”
The serviced apartment building is being built in Calle Castiello de Jaca in Madrid’s preferred office location Las Tablas, where multinational companies such as Telefónica, BBVA, Huawei and BMW have their branch offices. It is ideally located between the city center and the airport. Completion is scheduled for early 2022. With total rental space of approx. 6,600 m², the property will have 207 apartments between 24 and 40 m² as well as 106 parking spaces on two underground floors. The building will be fully geared to the needs of business travelers, with work areas, lounges, a gym and a restaurant, which will also attract employees of the surrounding companies as well as residents of the adjacent middle class residential area.
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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