CORESTATE has acquired a new residential property in Leipzig-Mitte for its open-ended special AIF “CORESTATE Residential Germany III” (CRG III, minimum target volume EUR 300 million, average yield distribution of at least 4% p.a.). The so-called “Quartier Kreuzstrasse” involves the revitalization of three existing properties, two of which are listed buildings, and two new buildings. Thanks to its energy-efficient construction it meets the high KfW criteria for monuments and new buildings. The total investment volume will exceed EUR 57 million. CRG III is primarily aimed at institutional investors such as savings banks and invests in new residential properties in metropolitan regions and prospering cities throughout Germany.
Frankfurt, December 23, 2019. CORESTATE Capital Holding S.A. (CORESTATE), a leading independent investment manager for real estate in Europe, has acquired a new residential property in Leipzig-Mitte for its open-ended special AIF “CORESTATE Residential Germany III” (CRG III, minimum target volume EUR 300 million, average yield distribution of at least 4% p.a.). The so-called “Quartier Kreuzstrasse” involves the revitalization of three existing properties, two of which are listed buildings, and two new buildings. Thanks to its energy-efficient construction it meets the high KfW criteria for monuments and new buildings. The total investment volume will exceed EUR 57 million. CRG III is primarily aimed at institutional investors such as savings banks and invests in new residential properties in metropolitan regions and prospering cities throughout Germany.
Lars Schnidrg, CEO of CORESTATE Capital Group: “High-quality residential space is in increasing demand due to the ongoing urbanization. These residential properties therefore are a very attractive investment opportunity for our institutional clients. We not only identify suitable properties, but also accompany our clients throughout the entire value creation process of their real estate investments. The project in Leipzig will also benefit from our many years of revitalization expertise and, above all, compliance with important ecological standards in accordance with the voluntary commitment made by our ESG strategy.”
The project is located in a central and popular residential area of Leipzig (Lange Straße/ Kreuzstraße/ Ludwig-Erhard-Straße) with excellent transport connections. With total rental space of almost 12,500 m², 190 high-quality rental apartments and 5 commercial units as well as 117 underground parking spaces will be created. Completion is scheduled for the third quarter of 2022.
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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