CORESTATE has agreed a new partnership with Bain Capital Credit. Bain Capital Credit is a leading global credit specialist with approximately USD 41 bn in assets under management. The agreement establishes a financing partnership in Poland within the Micro Living sector, specifically to coinvest in properties and convert them into student housing. The partnership has the initial capability to develop up to EUR 500 mn GAV. The agreement also includes asset and property management contracts.
Frankfurt, 19 December 2019. CORESTATE Capital Holding S.A. (CORESTATE), a leading independent real estate investment manager in Europe, has agreed a new partnership with Bain Capital Credit. Bain Capital Credit is a leading global credit specialist with approximately USD 41 bn in assets under management. The agreement establishes a financing partnership in Poland within the Micro Living sector, specifically to coinvest in properties and convert them into student housing. The partnership has the initial capability to develop up to EUR 500 mn GAV. The agreement also includes asset and property management contracts.
Lars Schnidrig, CEO CORESTATE Capital Group: “Our partnership with Bain Capital Credit underscores our ability to offer convincing fully integrated solutions with our one-stop-shop approach. Crucial for Bain Capital was our ability to act as a co-investor with aligned interest. With Bain Capital we have found a partner with strong real estate experience across Europe with whom we will continue our successful growth story in the European Micro Living sector.”
Fabio Longo, a Managing Director and Head of Bain Capital Credit’s European Non-Performing Loan & Real Estate business: “We are pleased to have partnered with Corestate on our first student accommodation venture in Poland, where there is significant potential to create value and add to our substantial European real estate portfolio. The undersupply of quality student housing alongside the growth in international student numbers and strong investor appetite for such assets creates highly favourable investment conditions.”
The first project developments for student housing are planned at the most important university locations in Poland. CORESTATE has already acquired the first suitable properties and is currently examining further acquisitions. All of the planned locations have in common the high demand for modern living space geared to today’s student needs that is not met by current supply. This applies both to the number of flats/apartments and to the quality of the furnishings.
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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