CORESTATE announces the next step in its Pan-European expansion strategy. The company acquired a Serviced Apartment complex in Copenhagen/Denmark, the first investment in Scandinavia. The asset will be operated by CORESTATE´s serviced apartment brand JOYN and will be part of its micro living platform with an excess of 30.000 student housing and serviced apartment beds across Europe. Currently, CORESTATE has micro living operations or assets in seven European countries: Germany, Austria, Switzerland, Spain, UK, Poland and now
Denmark.
Frankfurt, 08 January 2020. CORESTATE Capital Holding S.A. (CORESTATE), a leading independent real estate investment manager in Europe, announces the next step in its Pan-European expansion strategy. The company acquired a Serviced Apartment complex in Copenhagen/Denmark, the first investment in Scandinavia. The asset will be operated by CORESTATE´s serviced apartment brand JOYN and will be part of its micro living platform with an excess of 30.000 student housing and serviced apartment beds across Europe. Currently, CORESTATE has micro living operations or assets in seven European countries: Germany, Austria, Switzerland, Spain, UK, Poland and now Denmark.
Lars Schnidrig, CEO CORESTATE Capital Group, comments: “We consistently continue to roll out our micro living offerings for our clients into further European countries. Denmark offers very attractive conditions, and a dynamic market for business travellers and young mobile professionals. This is exactly what our clients are eagerly searching for and what we can offer: assets in locations with a highly flexible work force accompanied by a solid economic background.”
The project, acquired via forward purchase agreement from NPV, who will act as delegated developer in the transaction, is located at Landvindingsgade and part of the urban development project “Enghave Brygge South” in direct neighbourhood to the future metro stop, Aalborg University, several international companies and the large Kedelsmedjen conference centre. The asset – once completed – will comprise of 248 apartments, a gym, a restaurant, a gastro-to-go-concept and a co-working area across a total usable area of 9,250sqm and a gross floor area above ground of c. 12,200sqm. Additional modular offerings for the tenants like housekeeping and laundry complete the serviced apartment concept.
Jens Schaumann, CEO NPV, comments: “We are very pleased being able to finalize a transaction with a major player as CORESTATE being their local delegated developer. NPV has a deep experience in developing serviced apartments/hotels, offices and residential which all will be needed developing and constructing this 12,200 sqm turn key serviced apartment/hotel to CORESTATE. Having developed and constructed most of the residential part of Engholmene, it is a great pleasure to start the development and construction of our commercial building sites adjacent to the residential islands”.
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.
Forward-looking statements
This press release may contain forward-looking statements. Forward-looking statements are all statements that are not historical facts and events. This applies wherever there is information about future financial profitability, plans and expectations with regard to the company, growth and profitability as well as economic conditions to which the company is exposed. Statements using the words “should”, “may”, “will”, “believes”, “expects”, “assumes”, “assumes”, “estimates”, “plans”, “believes”, “to the knowledge”, “estimates” or similar expressions indicate such forward-looking statements. Forward-looking statements are based on current estimates and assumptions made by management to the best of their knowledge. Such forward-looking statements are based on assumptions and factors and are subject to uncertainties, the non-occurrence or occurrence of which may cause the actual circumstances, including the Company’s net assets, financial position and results of operations, to differ materially from or be more negative than those expressly or implicitly assumed or described in these statements. Certain forward-looking statements, while appropriate at this time, may prove to be incorrect. Various known and unknown risks, uncertainties and other factors could cause the forward-looking statements, actual results, financial position, development or performance of the Company to be materially different from those expressed or implied by such statements. Therefore, the Company and its management cannot be held responsible for the actual occurrence of the forecasted developments. It should be noted that the Company assumes no obligation to update such forward-looking statements or to conform them to future events or developments.
