Corestate has acquired two buildings with 114 residential and three gastronomic commercial units in Kiel’s new development quarter “Am alten Bootshafen” for the special AIF “Residential Germany Fund II.”
Frankfurt, 27 January 2022. Corestate has acquired two buildings with 114 residential and three gastronomic commercial units in Kiel’s new development quarter “Am alten Bootshafen” for the special AIF “Residential Germany Fund II.” The institutional fund focuses on new construction projects in metropolitan regions and prospering cities in Germany, with a large portion of the portfolio featuring climate-friendly construction in accordance with the KfW55 standard. The total investment volume of the special AIF, which was initiated by Corestate for a large German pension fund, is over EUR 320 million.
The properties with their high location and residential quality are currently being intensively marketed and the first residential tenants will move in within the next few days. The “Am alten Bootshafen” quarter was developed by Ten Brinke Group B.V. and is located in a prime inner city location. It is considered an important urban development element for the new centre of Kiel. The inner-city location is characterised by the local supply possibilities, the immediate proximity to the shopping mile “Holstenstraße” as well as to Kiel’s main railway station and the very good connection of the property to the public transport system.
The two building sections offer six and seven full storeys respectively with 9,680 m² of residential and 784 m² of commercial space as well as an underground car park with 44 parking spaces. The flats are partly barrier-free, have 33 to 160 m² with up to six rooms and serve a wide range of tenants.
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 830 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 and operates as a respected business partner for institutional and semi-institutional investors as well as high-net-worth private investors in 11 countries across Europe, with offices in Frankfurt, Vienna, Zurich, Paris, Madrid and London.
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