CORESTATE has launched its next student housing property located in the Spanish university city of Pamplona with an investment volume of around EUR 30 million. After its completion in 2023, it will be operated under the company’s Youniq brand, which is already represented in Seville and will expand its presence in Spain by 2022 to include additional properties in Barcelona, Salamanca and Valencia. Youniq’s total portfolio (GAV) in Spain will then be worth approximately EUR 220 million, with more than 1,500 beds. Corestate plans to expand its capacity there in the Micro Living sector, which also includes serviced apartments and co-living, by up to 1,000 beds per year.
Frankfurt/Main, November 12, 2020. Corestate Capital Group (Corestate), a leading independent investment manager for real estate in Europe, has launched its next student housing property located in the Spanish university city of Pamplona with an investment volume of around EUR 30 million. After its completion in 2023, it will be operated under the company’s Youniq brand, which is already represented in Seville and will expand its presence in Spain by 2022 to include additional properties in Barcelona, Salamanca and Valencia. Youniq’s total portfolio (GAV) in Spain will then be worth approximately EUR 220 million, with more than 1,500 beds. Corestate plans to expand its capacity there in the Micro Living sector, which also includes serviced apartments and co-living, by up to 1,000 beds per year.
“We are able to find investment opportunities for further growth in Europe despite the effects of the corona crisis. Our longstanding pioneering role in the Micro Living asset class is a key success factor in this respect. Education in particular and above all international qualifications are becoming increasingly important in difficult times with correspondingly stronger competition on the job markets. At the same time, the demand for high-quality student housing, which Corestate is offering at more and more locations, is increasing. With properties like the one in Pamplona, we are setting new standards in terms of quality, facilities and sustainability. This will benefit both our investors and the tenants,” explained Nils Hübener, CIO of Corestate.
Currently, more than 20,000 students in Pamplona have only around 2,500 beds in student accommodations In addition, the majority of the existing student apartments are over 20 years old and no longer meet the standards of today’s students in terms of equipment. With 279 beds in 199 apartments on an area of approx. 9,700 sqm, the Youniq property is expected to offer state-of-the-art space for living, working, and leisure in two years’ time. It will include “community spaces” such as a roof terrace, a fitness area, co-working areas, a cinema room and a communal kitchen. Separate study rooms, Internet access, a laundry room, underground parking and security service are also part of the concept.
The building is being constructed in Soto Lezkairu, a new up-and-coming district in the south of the city, near the Public University of Navarre and the University of Navarre.
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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